This tax time, the ATO are introducing a super health check – 5 simple checks to help employees manage their super.
With Super health check, your employees can:
- check and update their contact details
- check for lost and unclaimed super
- check if they have multiple accounts and consider consolidating
- check their nominated beneficiary
- check their super balance and employer contributions.
After completing a super health check, your employees may have questions about how often you pay super guarantee (SG) contributions and the rate of the contributions. The current SG contribution rate employers need to pay is 10.5% (increasing to 11% from 1 July) of an employee’s salary when they are:
- aged over 18 years, or
- aged under 18 years and they work over 30 hours a week.
As an employer, you currently need to pay SG contributions quarterly, by the super payment due dates. You can use the ATO’s SG eligibility decision tool to find out if you need to pay SG contributions for your employees.
Your employees can complete the Super health check at any time, but the ATO are encouraging them to complete the check at least once a year at tax time.
To find out more visit Super health check.
Source: ATO Newsroom