Superannuation remains the most effective way for Australians to save for
retirement. As an employer you have obligations to both your employees and
yourself to make sure you have it working as hard as possible.
All Australian employers must meet compulsory superannuation obligations in
relation to eligible employees. This means:
For employees
You need to contribute 9% of an eligible employee’s earnings base to
a complying super fund or retirement account, regardless of your business
structure. This generally applies to employees between 18 and 69, whose monthly
pay is $450 or more (before tax).
For contractors
You need to make contributions if more than 50% of the value of their
contract is for labour.
For yourself
If your business is a company or trust, you will be an employee and the same
conditions apply. If you are a sole trader or partner, the super guarantee does
not apply. Instead you can claim a deduction for contributions you make to a
fund.
The way in which you meet your superannuation obligations can make a
long-term difference to the future financial wealth of your employees. It is
also important to consider which offerings best suit your business
administration needs.
Colonial First State FirstChoice Employer Super
Colonial
First State FirstChoice Employer Super is a superannuation solution that
enables you to provide a quality offering to your employees, with a range of
investment and insurance options.
Commonwealth Bank's Superannuation Savings Account
Commonwealth
Bank's Superannuation Savings Account is a simple, low-cost, low-risk
superannuation account designed to help your employees save for their
retirement. It’s a no fuss and convenient superannuation plan suitable
for small business owners with a small number of employees.
Getting more help
When it comes to superannuation, there’s nothing like professional advice
from someone who knows you and your business inside out. That’s why a good
accountant is the number one superannuation essential.
For yourself it’s best to meet with a Financial
Planner to help you choose the right superannuation option for your unique
needs and goals. They can also help you take full advantage of financial
opportunities to maximise your investments and work towards achieving the
retirement lifestyle you’re looking forward to.
Where to find out more
