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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...

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