For any sized business, having employees requires you to abide by certain superannuation obligations. As a business owner, you’ll need to fulfill a particular series of steps during your employee onboarding process to ensure that you’re meeting your legal obligations.
All employees within Australia are protected by the superannuation guarantee legislation. However, understanding the provisions of superannuation can be a daunting undertaking, fulfilling your super obligations is complex & often poses significant complications for many business owners who aren’t accurately managing their super contributions. One in four Australian businesses currently are not making super contributions to their employees, subjecting them to hefty fines, large lump payments and potentially for the scrutiny of the tax department.
For this reason, most businesses employ a business accountant to ensure their superannuation is managed in alliance with the legal requirements of the Australian Tax Office. If you have not yet done so, Lawrence has a diverse team of specialized business accountants that are up-to-date with current superannuation requirements, ensuring your business finances are managed effectively. If you think that your business is included in the above statistic & you’re seeking more information on how to take charge of your super obligations, below are a few standard regulations you can follow to guarantee your super contributions are within the legal requirements.
As a business owner & operator, it’s not just a case of ensuring you’ve met the super obligations of your employee, but you also need to ensure you’re fulfilling your super obligations in accordance with the Australian Tax Office Requirements. If you do not abide by the ATO rules & regulations, you will not only be denied a tax deduction for super paid late, yet may also be subject to late payment interest penalties.
Many business operators experience great confusion around the standard requirements and protocols of making super contributions to their employees. Here are some things you need to do to ensure you’re managing your super well:
Lawrence is a business accounting firm, with a diverse team of specialised business accountants in Perth that can provide accounting services to ensure we’re meeting all the legal standards and obligations on your behalf. Here are a few ways Lawrence can assist your business.
If you are like many other business owners & operators, you may feel uncertain about your businesses super contributions to date. Perhaps you’ve been managing the contributions yourself, perhaps you’ve outsourced to a service provider who hasn’t managed your super contributions adequately, or perhaps you simply have not made any super contributions to date. We’re skilled business accountants with ample experience implementing strategies, and managing finances to enable businesses to move out of the red & get their finances back on track.
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