Tag: payroll

Minimum-Wage-Image

What Business Owners need to know about Wage Theft Laws

Posted on | by Allan Hall

New Wage Theft Laws: Criminalisation of Wage Theft

On 1 January 2025, new laws came into effect which criminalises intentional wage underpayments. It is now more critical than ever for businesses to ensure compliance!

Here’s a practical breakdown to help you navigate these changes.

What’s New?

Wage theft has always been illegal, and those caught have always faced hefty fines. However, the government has now introduced more stringent penalties, such as even heftier fines, and for those extremely serious cases, criminal sanctions now apply, such as imprisonment.

What the Law Covers

The new legislation, part of the Closing Loopholes amendments and the Fair Work Act 2009, makes intentional underpayment of wages or entitlements a criminal offense.

This targets employers who knowingly underpay employees, for example:

  • underpaying for hours worked,
  • not compensating for overtime, and
  • withholding entitlements

Penalties for Non-Compliance

The consequences of intentional wage theft include:

  • Corporations: Fines up to $7.825 million or three times the underpayment amount
  • Individuals (Directors/Managers): Fines up to $1.565 million or three times the underpayment amount
  • Severe cases: Up to 10 years imprisonment.

Small Businesses

It is important to note that small businesses (those with fewer than 15 employees) are currently excluded from criminal penalties. However, all businesses should address errors promptly to avoid escalating risks.

Intentional versus Unintentional (‘Honest Mistakes’)

These new laws are targeted at those employers who are caught underpaying their staff in an intentional or deliberate manner. Honest mistakes (such as an accidental payroll error, or misinterpretation of an award entitlement) are exempt from the offence and there will be a clear distinction between genuine errors and intentional wage theft. 

However, businesses should be aware that even unintentional underpayments can lead to increased civil penalties if they remain uncorrected. Repeated mistakes could be interpreted as negligence, resulting in:

  • civil penalties of up to $469,500
  • for serious breaches, Employers may face fines which can escalate to almost $4.7 million, and
  • applicants can now seek a remedy which is three times the amount of the underpayment.

What should Businesses do to address this?

Our team at Allan Hall HR has a wealth of experience in payroll legislation, employment contracts and payroll audits. We can help you to:

  1. Understand Legal Obligations: Business owners should familiarise themselves with relevant employment laws, including minimum wage requirements, overtime pay regulations, and entitlements under fair work instruments such as awards or agreements.
  2. Conduct regular Payroll Audits and Reviews: Conduct regular internal or third-party payroll audits of payroll records and employee contracts to ensure accuracy in wage payments. This can help identify any discrepancies or potential areas of non-compliance. 
  3. Act Quickly on Discrepancies: Resolve underpayment issues immediately to avoid escalations.
  4. Invest in Proper Training: Ensure that staff responsible for payroll and human resources are adequately trained on wage laws and regulations. Provide ongoing education to keep them informed about any updates or changes in legislation.
  5. Implement Clear Policies and Procedures: Establish clear policies and procedures for wage calculation, including overtime, leave entitlements, and superannuation contributions. Make sure employees are aware of their rights and how to report any concerns regarding wage payment.
  6. Keep Detailed Records: Maintain accurate and detailed records of employee hours worked, wages paid, and any additional entitlements. This documentation can serve as evidence of compliance in the event of an audit or investigation.
  7. Promote Transparency and Communication: Foster a culture of transparency and open communication within the organisation. Encourage employees to raise concerns or questions about their wages without fear of retaliation.

Businesses can avoid costly fines and reputational damage by prioritising compliance. Investing in robust payroll processes, training and regular payroll audits is not just about meeting legal obligations, it is also about fostering a culture of accountability and trust in your business.

If you have concerns about paying your workers less than they’re legally entitled to, then contact our team of experienced HR consultants today! We have a wealth of experience in this area and can assist.

Need Assistance?

At Allan Hall HR, we have a team of experienced HR consultants. To learn more about our services, please click here. Alternatively, please feel free to call us on 1300 916 764 or contact us here to discuss any questions you may have with us in regard to wage compliance.

HR Support Centre Demo

We invite all our clients to explore our complimentary HR Support Centre, designed to help you navigate your employee obligations and stay updated on legislative changes. This valuable resource offers ready-to-use HR templates, best practice guidance, checklists, and access to a vast library of articles on compliance and employee management. Book in a free demo today.

CONTACT ALLAN HALL HUMAN RESOURCES

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payroll

Employers face new reforms with Payday Super

Posted on | by Allan Hall

From 1 July 2026, employers will be required to pay their employees’ super at the same time as their salary and wages.

On 2 May 2023 the Australian Government announced that from 1 July 2026, employers will be required to pay their employees’ super guarantee (SG) at the same time as their salary and wages.

This measure is not yet law. Treasury and the ATO will engage with industry and stakeholders on these changes.

On 18 September 2024, the government announced further details, including:

  • Contributions of super. From the start of the measure, employers will be required to pay their employees’ SG at the same time as their salary and wages. They will be liable for the super guarantee charge (SGC) unless contributions are received by their employees’ superannuation fund within 7 days of payday. Payday is the date that an employer makes an ordinary time earnings (OTE) payment to an employee. Each time OTE is paid, there will be a new 7-day ‘due date’ for contributions, with some limited exceptions.
  • Updated super guarantee charge. Where employers fail to pay contributions in full and on time, they are liable for SGC.

    The SGC will be updated and consist of
    • Outstanding SG shortfall: any contributions that remain unpaid when the SGC is assessed. The shortfall calculation will be based on OTE, creating consistency with the calculation of SG contributions. Late contributions paid by an employer before they are assessed for the SGC will reduce the outstanding SG shortfall.
    • Notional earnings: an interest component to put employees in the same position that they would have been had the contributions been received in full and on time.
    • Administrative uplift: an additional charge levied to reflect the cost of enforcement.
    • Once SGC is assessed, additional interest and penalties may apply if the SGC liability is not paid in full.
    • The SGC will be tax-deductible, ensuring the income tax consequences for paying employees’ super are consistent.
  • SBSCH decommission. The Small Business Superannuation Clearing House (SBSCH) will be retired from 1 July 2026. The improvement in payroll software solutions over recent years provides employers with cost-effective and higher quality options for paying superannuation contributions more timely and accurately. We will engage with small businesses ahead of time to guide them in transitioning to a commercial alternative that is fit-for-purpose for Payday Super.
  • SuperStream updates. The deadline for super funds to allocate or return contributions will be reduced to 3 business days, down from 20. The SuperStream data and payment standards will be revised to allow payments made via the New Payments Platform and improve error messaging to ensure employers and intermediaries can quickly address errors.
  • STP updates. Employers will be required to report in Single Touch Payroll (STP) both the OTE and the total super liability for an employee, ensuring the SG can be correctly identified.

More information on the design of Payday Super is available in the Treasury fact sheet.

CONTACT ALLAN HALL BUSINESS ADVISORS

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common employment issues

Getting Ready for the Festive Season

Posted on | by Allan Hall

What Businesses Need to Know

As we quickly approach the end of year, it is important that Employers begin preparing for their end of year shutdown period.

Over recent years there have been a number of changes to employment legislation that apply during this period, and it is important that Employers are aware of these changes. 

1. Managing Employee Leave

If Employers are planning to shut down over the December/January period, managing Employee leave balances should be considered. As of 1 May 1 2023 both Award-covered and award-free Employees can be directed to take accrued annual leave during a ‘shut down’ period, such as between Christmas and New Year.

However, for any Employee who does not have accrued annual leave to cover the shut-down period, they cannot be directed to take unpaid leave.

An employer and employee can:

  • agree in writing for an employee to take a period of unpaid leave; or
  • come to an arrangement, agreed in writing, for an employee to take annual leave in advance, resulting in a negative annual leave balance.

If an employee does not agree to either of the above, they should either be paid their salary/wages based on their employment contract during the shut-down period, or alternatively, you could allow them to work during the shut-down period.

What can Employer’s do to avoid this? Employers should be conscious of whether or not to approve annual leave requests prior to the shutdown period, to ensure that there is a sufficient balance to cover the shutdown period. If required and agreed to, employees could take a period of unpaid leave throughout the year at their request.

2. Notice of Shut Down

In addition to the changes above, there are also updated rules in many Awards regarding the notice to Employees of an upcoming shut down. Employers must provide at least 28 days’ written notice of the temporary shutdown period to all impacted employees.

Employers should check the relevant Award and communicate the planned shut down in line with the Award guidelines. 

3. Working on Public Holidays

For Employers that continue to operate over the festive season, the Fair Work Act stipulates that Employers are obligated to ‘request’ Employees to work on a public holiday before requiring them to do so. Failure to adhere to this requirement could lead to unlawful work assignments and violation of the Fair Work Act.

For an Employee to work on a public holiday, one of these conditions must be met:

  • an Employer has requested the Employee to work the public holiday, and the Employee has agreed to work; or
  • the Employee’s refusal to work a public holiday is deemed unreasonable.

Employers shouldn’t rely solely on standard rostering practices for public holidays and the following actions are recommended: 

  1. Issue a ‘draft roster’ for periods including public holidays, or issue specific requests to team members to work on upcoming public holidays
  2. Provide an explanation as to why you believe the need for the team member to work on the public holiday is reasonable
  3. Provide Employees with the opportunity to agree to work or state their reasons for refusal
  4. Finalise the roster based on Employee responses and consider reasons for refusals
  5. Communicate with Employees if their reasons for refusal are considered unreasonable.

4. Penalty Rates

If Employees agree to working on public holidays, it is important for Employers to be aware of the penalty rates and entitlements that apply to them under the relevant Award. This may include:

  • Additional pay (different to their standard hourly rate)
  • An additional day off or additional annual leave
  • Minimum shift lengths on public holidays
  • Options for Employees to request to substitute a public holiday for another day.

Employers should review the relevant Award and ensure all entitlements and correct rates are paid to Employees. We also have included below the 2024 public holiday dates that apply in all states and territories:

  • Christmas Day – Wednesday 25th December
  • Boxing Day – Thursday 26th December
  • New Year’s Day – Wednesday 1st January

Need assistance

At Allan Hall HR, we have a team of experienced HR consultants. Please call us on 1300 916 764 or contact us here. to discuss any questions you may have regarding the shutdown period and managing your business during this period.

CONTACT ALLAN HALL HUMAN RESOURCES

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mother

Superannuation Boost for Paid Parental Leave

Posted on | by Allan Hall

A Step Toward Gender Equity in Retirement Savings 

The Paid Parental Leave Amendment (Adding Superannuation for a More Secure Retirement) Bill 2024 marks a pivotal step in addressing the gender gap in retirement savings.  

Economists, industry advocates and employers have welcomed this reform, praising it as a long-overdue measure to improve women’s financial security and help close the gender gap in retirement savings.

By ensuring that Paid Parental Leave includes super contributions, the Bill acknowledges the reality that caregiving responsibilities should not come at the cost of a secure retirement. 

Employers please note: 

  • The new Bill takes effect from 1 July 2025 
  • Amendment provides eligible parents with an additional 12% of their Paid Parental Leave as a super contribution 
  • This contribution will be in line with the SG rate and will increase over time with any future adjustments to the legislated rate. 

Introduced as part of the Government’s broader reforms, this Bill extends superannuation contributions to Paid Parental Leave, providing financial support for families and working parents, particularly women. 

The new Bill, which takes effect on 1 July 2025, directly addresses this gap by providing eligible parents with an additional 12% of their Paid Parental Leave as a super contribution. This contribution will be in line with the Superannuation Guarantee (SG) rate and will increase over time with any future adjustments to the legislated rate. For many families, this change could amount to a super contribution of up to $3,150, a significant boost that will grow as the Paid Parental Leave scheme reaches 26 weeks by 2026. 

This amendment builds on previous government efforts to strengthen the superannuation system, ensuring that more Australians, particularly women, can look forward to a dignified retirement. Alongside reforms to improve the flexibility, duration and income thresholds for Paid Parental Leave, this change underscores the importance of supporting working families both at the time of birth and in the long term. 

As this Bill takes effect, it represents a significant investment in the future of working women, ensuring that their contributions—both in the workplace and at home—are recognised and valued, setting a new standard for financial equity in Australia. 

CONTACT ALLAN HALL BUSINESS ADVISORS

Background

For decades, women — who make up the majority of primary caregivers — have faced financial setbacks after becoming parents. Research shows that, on average, women experience a 55% reduction in earnings during the first five years of parenthood, a loss that compounds over time. This drop in income, coupled with the compounding effects of superannuation contributions based on lower wages, has left women retiring with around 25% less super than men.

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Casual Employees or Part time

Casual Employment Changes

Posted on | by Allan Hall

Be aware of changes commencing 26 August 2024 if you employ casuals

What’s Changing?

As a result of the Closing Loopholes legislation passed earlier this year, the Fair Work Act will change effective 26 August 2024 to include:

  • A new definition of ‘casual employee’
  • Restrictions on casuals under specific arrangements being employed under fixed-term contracts
  • A new casual conversion process and employer obligations
  • Increased frequency to provide the Casual Employment Information Statement.

Casual Employee Definition

Under the new definition of ‘casual employee’ introduced to the Fair Work Act, an employee is only a casual if:

  • You can choose to offer work to your employee and it is also the employee’s choice whether or not to accept the work
  • There is no firm advance commitment to ongoing work
  • The employee’s work is described as casual
  • Employees will be paid a casual loading or a specific pay rate.

Conversion from casual to permanent employment 

Casual employees will remain casual until their employment status changes either through:

  • a conversion process or Fair Work Commission order, or
  • commencing work under a new arrangement, following acceptance of an alternative employment offer.

Replacing the existing casual conversion process, employees will be able to notify their employer, in writing, of their intention to change to permanent employment if they meet the following conditions:

  • they have been employed for at least 6 months (or 12 months if working for a small business employer)
  • they believe they no longer meet the requirements of the new casual employee definition.

Casual employees cannot notify their employer of their intention to convert to permanent employment if they:

  • are currently engaged in an ongoing dispute with their employer about casual conversion, or
  • in the last 6 months:
    • their employer refused a previous notification
    • a dispute with their employer about casual conversion has been resolved.

Employers must:

  • consult with the employee prior to responding to the notification, and
  • respond in writing to the employee within 21 days of the employee providing the notification, either accepting or refusing the change. Please note, there is specific information that must be included in the written acceptance or refusal.

Casual Employment Information Statement

From 26 August 2024, as well as providing the Casual Employment Information Statement (CEIS) to new casual employees, employers will also need to provide the CEIS to all casual employees in accordance with the below:

  • for non-small businesses:
    • as soon as possible and then after 6 months of employment, and
    • as soon as possible after 12 months of employment and then every 12 months after that.
  • for small businesses:
    • as soon as possible and then after 12 months of employment.

What should employers do if they employ casual employees?

  1. Review their situation: Employers should review their casual workforce to determine employee status based on the new definition focused on the practical working relationships. 
  2. Update contracts: Update any casual contract templates to remove outdated casual conversion references. 
  3. Check eligibility requirements: If an employee notifies of their intention to convert to permanent employment, check they meet the eligibility requirements, then consult and respond in writing in accordance with the legislative requirements.
  4. Schedule reminders: Employers should schedule reminders to update and issue the Casual Employment Information Statements at the required intervals. 

Need assistance?

At Allan Hall HR, we have a team of experienced HR consultants. Please call us on 1300 916 764 or contact us here to discuss any questions you may have regarding casual employment changes and employee’s eligibility to convert to permanent employment. To learn more about our services, please click here.

CONTACT ALLAN HALL HUMAN RESOURCE

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July

Super Guarantee (SG) rise 1 July

Posted on | by Allan Hall

SG base rate rise increase from 11% to 11.5% from 1 July

Employers should turn their attention to managing the superannuation guarantee (SG) increase which comes into effect on 1 July.

An SG base rate rise is set from 1 July which will increase from 11% to 11.5% followed by an incremental half percentage point increase to 12% on 1 July 2025.

Businesses should establish an approach strategy to the increase now because non-payment, underpayment or late payments of the new rate are likely to attract ATO attention.

Regardless of how a business approaches the change, it should be done with transparency that clearly communicates how employees’ payslips will be impacted.

Employers should also review their employees’ contractual and award arrangements to ensure their strategy to the payment increase is in accordance with their legal obligations. Please contact Allan Hall HR or email [email protected] if you would like assistance in reviewing or interpreting your current employment arrangements.

Contributions for each employee are required to be paid on at least a quarterly basis.

Employers are urged to plan for the SG increase on 1 July by provisioning for payroll changes via business activities that sustain cash flow.

Please note that software providers will be making the adjustment to their systems but, depending on your setup if you have manually entered a rate you may need to adjust this.

CONTACT ALLAN HALL

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Minimum-Wage-Image

National Minimum Wage rise effective 1 July

Posted on | by Allan Hall

The Fair Work Commission has announced this year’s Annual Wage Review Decision

National Minimum Wage Increase 

Effective from 1 July 2024, the National Minimum Wage will increase by 3.75%.

This means that full-time or part-time employees in receipt of the minimum wage will receive the following rates before tax:

  • $24.10 per hour, and
  • $915.90 per week (based on a 38-hour week for a full-time employee).

This increase will see an extra $33.10 ‘in the pocket’ each week for full-time employees.

This will be effective from the first full pay period on or after 1 July 2024.  For example if your pay period starts on Wednesday, the new rates will apply from Wednesday 3 July 2024.

National Minimum Wage Increase 

Similar to the National Minium Wage increase, all Modern Award minimum rates of pay will also increase by 3.75% on 1 July 2024. 

Most employees are covered by an award, which outlines the minimum pay rates and conditions in various industries and occupations.

If you need assistance determining which award applies to your employees, or the applicable minimum pay rates, please do not hesitate to Contact us.

Changes to Superannuation from 1 July 2024

As a reminder, the super guarantee rate will again rise from 1 July 2024. This will rise by another half percent, taking the minimum super guarantee from 11% to 11.5%.

The super guarantee rate will continue to rise by an additional 0.5% at the start of each financial year, until it reaches 12% in 2025.

Contact Us

At Allan Hall HR, we have a team of experienced HR consultants. To learn more about our services, please click here. Alternatively, please feel free to call us on 1300 916 764 or contact us here to discuss any questions you may have with us in regard to the National Minimum Wage Increase.

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payroll

Steps to process and finalise payroll

Posted on | by Allan Hall

With mere weeks remaining in FY24, now is a great time to think about your EOFY preparation.

A good place to start? Preparing your payroll to make finalisation as easy as possible come July.

Completing your EOFY is better off in Xero. To help Xero Users get through from start to finish, we’ve included some handy steps to guide you through the process.

1. Check your employees’ records 

As part of Single Touch Payroll (STP), there are key compliance requirements that affect the way employees are set up in Xero. 

In Xero Payroll, all active and terminated employees (who will be included in the STP finalisation for the financial year) will need an employment type, income type and tax scale defined in their records. 

Review your employees’ records to ensure they’re STP compliant. You can run the Employee Contact Details report to check for accuracy, keeping a close eye on things like date of birth, email address and postcode.

2. Review pay items and their settings

Under STP,  the ATO requires the correct reporting categories to be used for your earnings, deduction and paid leave pay items. Allowances will also need to be assigned an appropriate reporting type.

Because these categories tell the ATO how to treat each type of payment you’re reporting through STP, it’s important to double-check that the earnings, deduction, paid leave and allowance pay items used in the current financial year are correctly assigned. 

3. Post and file any pay runs for the 2023/2024 financial year

Any pay runs with a payment date in this financial year will need to be posted and filed before you complete your employees’ STP finalisation. If these pay runs are to be reported in FY24, remember that you’ll need to make sure the payment date is on or before 30 June 2024.

Be sure to check that all of your pay runs have been filed to the ATO successfully using STP.

4. Process any outstanding superannuation payments

To claim a deduction on superannuation accruals submitted via auto super for the current financial year, super batches should be approved no later than 2:00pm AEST, 18 June 2024. We recommend marking this date in your calendar so you don’t forget.

If you’re not registered for auto super, it’s not too late. Alternatively, the payments can be made manually outside of Xero.

5. Reconcile your payroll accounts

After processing all pay runs for the financial year, it’s important to forensically check the accuracy of your reporting. One way to do this easily is by generating the Payroll Activity Summary report and comparing it with the General Ledger report. 

You can specify a custom date range in both reports to help find any discrepancies. If you come across any discrepancies in your payroll accounts, you can use the remove and redo feature to edit the transaction and allocate it to the correct accounts.

Troubleshooting tips

  • If you have multiple payroll expense accounts for earnings or superannuation, be sure to add up the totals for each account when comparing them to the Payroll Activity Summary report
  • Use the Account Transactions report to identify any transactions that may have been incorrectly reconciled against your Expense Accounts
  • Check for any manual journals that may have impacted your totals by running the Journal report and clicking on Manual Journals
  • If you’re unable to locate a discrepancy, try running your reports using a smaller date range to narrow down the issue
  • If you started using Xero midway through the financial year, double-check that the employee opening balances match your organisation’s conversion balances to avoid any discrepancies.

6. Review the Payroll Activity Summary report against the Payment Summary Details report

It can be easy to get the Payroll Activity Summary report and the Payment Summary Details report confused, so remember you’ll still need to compare this information if you’re completing an STP finalisation. You can run these two reports for a custom date range and make sure the information balances.

It’s important to note that the Payroll Activity Summary report shows gross earnings, whereas the Payment Summary Details report shows taxable earnings.

If there are salary sacrifice or pre-tax deductions that have been processed during the financial year, they will need to be deducted from the gross wages that show in the Payroll Activity Summary report. The total should then match the Payment Summary Details report (note that this will only show truncated values – the cents will not show in this report).

7. Remember to identify and amend any mistakes

Any errors made throughout the financial year can be corrected using an unscheduled pay run. Simply create the pay run for the required period and enter the adjustment amounts. You can even enter negative values, if needed.

You will need to check that the payment date of the unscheduled pay run falls within the correct financial year (for example, on or before 30 June 2024) to ensure it’s reported correctly.

8. Process STP finalisation

Last but not least, it’s time to process your STP finalisation. Xero’s product team has been working to make this process simpler, and easier to understand. Xero users might notice some tweaks this year, such as an improved layout for the STP YTD Summary and clearer totals columns. 

You’ll need to file at least one pay run before you’re able to complete the STP finalisation process. Your first submission will include all year-to-date (YTD) payroll information that has been entered into Xero.

Keep these tips in mind to help you along the way:

  • Information included in the STP finalisation will pre-populate based on the information processed in Payroll – you’ll be able to see gross totals, taxes and super — you can also view and easily edit RFBA and RFBA-E (reportable fringe benefit amounts)
  • If you need to report any leave paid out on termination as ‘Lump Sum A’ or ‘Lump Sum B,’ you can do this by processing an unscheduled pay run
  • If you have terminated any employees on or before 30 June 2024 who need fringe benefit tax (FBT) amounts reported, you can use the toggle Show terminated employees for RFBA at the bottom of the STP finalisation page
  • Any Employment Termination Payments (ETP) that have been processed can be shown by clicking View Report to see the STP YTD Summary
  • If you started using Xero part way through the financial year and need to report employee opening balances through STP
  • Based on the ATO’s requirements, gross payments are reported as the pre-sacrificed amount. This means salary sacrificed amounts, such as pre-tax deductions and reportable employer super contributions (RESC), are included in gross payments.

Looking ahead to FY25

The Government has made changes to individual income tax and superannuation guarantee rates, as well as thresholds such as STSL indexation (study and training loan indexation). These come into effect 1 July 2024. Pay runs with a payment date of 1 July 2024 or later will have these new rates automatically applied.

The super guarantee (SG) rate is increasing from 11 to 11.5 per cent on 1 July 2024. Any employees with a superannuation line set up with a rate type of statutory rate will be automatically updated. If their rate type has been set up as Percentage of Earnings, you will need to ensure you edit this percentage manually. These changes to income tax rates and thresholds will also be automatically applied in pay runs with a payment date of 1 July 2024.

If your organisation is impacted by changes to the minimum wage, you will need to update your employees’ pay templates. To find out if these changes could affect you, please refer to the Fair Work Ombudsman.

Looking for EOFY payroll help? Call Allan Hall’s Xero Certified Advisors for everything you need to know (and do) to round out FY24, and set up strong for the new financial year ahead.

CONTACT ALLAN HALL BOOKKEEPING

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EOFY blocks

Complete these checks to help meet your super obligations

Posted on | by Allan Hall

Simple checks for super success

Meeting your super obligations as an employer is important, and there’s a lot you need to think about.

To help streamline the process, complete these simple checks for super success:

  1. Check if your workers are eligible to receive super guarantee (SG).
    It’s important to classify your workers correctly. You’ll need to work out which of your workers meet the eligibility requirements to receive SG.
  2. Check your eligible workers’ super fund details are correct.
    Make sure you pay super contributions to the correct fund, and that you provide each fund with the relevant worker’s tax file number. The correct fund may be the fund each of your workers chose, their stapled super fund or your default fund.
  3. Check you’re paying the right amount of super.
    The SG rate is currently 11%; however, from 1 July 2024 it will increase to 11.5%.
  4. Check you’re paying the contributions on time.
    You need to pay super contributions at least 4 times a year by the quarterly due dates. The next payment is due on 28 July. If you use a super clearing house, allow enough time for the payment to reach each of your workers’ super fund accounts.
  5. Check you know what to do if you miss or make a late payment.
    If you miss a payment, you’ll need to lodge a super guarantee charge (SGC) statement and pay the SGC to us by the due date to avoid penalties.

For more information to help you meet your super obligations, see the ATO’s checklist. This covers topics such as paying and reporting electronically, record keeping and more.

CONTACT ALLAN HALL SUPERANNUATION

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