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Superannuation essentials

  • Regardless of your business structure, you must contribute 9.25 per cent of an eligible employee's earnings base to a complying super fund or retirement account (known as the super guarantee)
  • Generally applies to employees aged 18 and over, whose monthly pay is $450 or more (before tax). Employees who are under18 years old must also work at least 30 hours per week.
  • The super guarantee will rise incrementally to 12 per cent by 2019-20 as follows: 

Year

Rate (%)

2013-14

9.25

2014-15

9.50

2015-16

10.00

2016-17

10.50

2017-18

11

2018-19

11.50

2019-20

12

  • You may have to make super guarantee contributions for contractors depending on the terms of their engagement
  • Contractors receive the same super guarantee rate as employees 

  • If you are a sole trader or partner, the super guarantee obligations do not apply. Instead you can claim a deduction for contributions made to a fund 

Keep reading

Taxation essentials

Small business owners have extensive tax obligations. Professional advice is recommended.

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Managing cash flow

Successfully managing cash flow is essential if you want your business to survive. 

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Five financial ratios

Measure the health of your business with these five finance must-haves.

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Related products

FirstChoice Employer Super is a simple and cost-effective superannuation solution for small to medium business owners and their employees. 

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We develop tailored strategies to finance your dreams and let you plan for the future with confidence.

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Our income protection policies can replace up to 75 per cent of your regular income if you’re unable to work due to illness or injury. 

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Provides small business owners and employers with a straightforward solution for managing super obligations. You can make compulsory employer contributions anytime in NetBank.

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Important information

This document is intended to provide general information only and does not take into account your individual objectives, financial situation or needs. Colonial First State Investments Limited ABN 98 002 348 352, AFS Licence 232468 (Colonial First State) is the issuer of interests in FirstChoice Employer Super offered from the Colonial First State FirstChoice Superannuation Trust ABN 26 458 298 557. It is also the Trustee and issuer of interests in Commonwealth Essential Super ABN 56 601 925 435. Colonial First State is a wholly owned subsidiary of Commonwealth Bank of Australia ABN 48 123 123 124 (‘the Bank’). An investment in FirstChoice Employer Super or Essential Super is not an investment in, deposit with or other liability of the Bank or its subsidiaries and they do not guarantee the performance of either fund. Your investment is subject to risk, loss of income and capital invested. All other products mentioned on this web page are issued by the Bank. View the Bank’s Financial Services Guide (PDF 59kb)

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