Need Help With Your Business? Call 0400 084 898 To Speak With A Real Person
Home About Us Our Blog Bookings Call Us on 0400 084 868 View Services Login

3 Key Tips for Small Business Superannuation Success

As a small business owner, you wear many hats—from managing day-to-day operations to supporting your team and serving your clients. With so much on your plate, it's easy for critical administrative tasks like managing superannuation to fall through the cracks. But, staying on top of your super obligations is crucial to supporting your employees in saving for their funds to avoid potential penalties.

Here are three essential key tips to help ensure superannuation success for your small business:

1.Understand your obligations as an employer

As a business owner with staff, you are required to contribute a percentage of each eligible employee's ordinary time earnings into their designated superannuation fund. This "superannuation guarantee" is currently set at 10.5% for 2023-24. It's important to calculate this correctly, including any commissions, bonuses, and allowances (but excluding ad hoc overtime pay). Using a superannuation guarantee contributions calculator can help avoid costly mistakes.

2. Choice of fund 

Most employers from 1 November 2021, may have an extra step to take to comply with choice of fund rules if:

  • they have new employees start, and
  • the employees do not choose a super fund.

The employer may now have to request their new employees 'stapled super fund' details from the ATO. A stapled super fund is an existing super account which is linked, or 'stapled', to an individual employee so that it follows them as they change jobs.

The change is hoped to stop new super accounts from being opened every time an employee starts a new job.Remember, you must offer eligible employees a Standard Choice Form within 28 days of their start date and give them the opportunity to choose their own fund if they wish.

3. Make payments on time every time

Super contributions must be paid at least quarterly, with due dates falling on the 28th of the month following the end of each quarter. To ensure your payments are received by the super fund on time, it's crucial to check the processing times for your superannuation clearing house. 

Due Dates

June Quarter (April, May and June pays) – due by 28 July

September Quarter (July, August and September pays) - due by 28 October

December Quarter (October, November and December pays) - due by 28 January

March Quarter (January, February and March pays) - due by 28 April

Some clearing houses can take up to 10 days to process payments, so don't leave it until the last minute. Remember, contributions are only considered "paid" once they are received by the fund, not the clearing house. If the fund receives your payment after the due date, you may be subject to the superannuation guarantee charge or other penalties.

Managing superannuation may seem complex, but with careful attention and the right support, you can navigate this important responsibility with confidence. If you have questions or need personalised guidance to ensure your small business is on track, I'm here to help. 

Personalised Mentorship: Elevate Your Business with 1:1 Sessions

Looking for tailored advice to grow your wellness business? As an experienced accountant, mentor, and wellness advisor, Lynne offers personalised 1:1 mentorship sessions designed to address your specific needs. Whether you're seeking guidance on financial management, business strategy, or beyond, Lynne is here to help you achieve your goals.

Book your 1:1 session now for just $249 and take the next step toward business success. 



Would you like a complimentary consult with MYOB's Certified Consultant of 2021?

Talk to us about your needs. We aim to empower you to make confident financial decisions, manage your finances mindfully, and save money on expenses - with a holistic, caring and non-judgemental twist. 

Book a Chat
Close

Never Miss an Event

Fill out this form to be the first to know about new events held by the Business Wellness Hub.