From 1 July 2003 employers will be required to make superannuation guarantee contributions on behalf of their eligible employees at least one each quarter.
Contributions are due by: 28 October, 28 January, 28 April and 28 July each year. Employers who already make superannuation contributions quarterly (or more often) should continue to do so.
Employers will need to:
1. Calculate 9% of the earnings base for each eligible employee (generally employees who are paid $450 or more per month).
2. Pay this to a complying superannuation fund at least quarterly.
3. Report in writing to your employees the details of the contributions you have made to a fund at least once every quarter on a pay slip, letter or email. You should note amount contributed, name of fund and their contact phone number and, if known, the employee’s account number.
4. Keep a record of when, what and how you reported superannuation contributions to your employees.
If you don’t make your superannuation contributions by the cut off dates you will face penalties. You may also face penalties if you don’t report details to your employees.
To comply with this point 3 above if using Attache, you will need to go to each employee’s standard pays and add in two comment lines. This information will then appear on your emplyees payslips and will serve as their notice in writing.
The first comment line needs to contain the superannuation fund name and phone number and the second comment line needs to contain the employee’s superannuation member number.
If you do not have a member number we suggest you put in the description of “To be advised” until received.
For further assistance or queries relating to the above please contact our office.