Let us help you do business
How much do you know about your super responsibilities?
You need to be aware of essential responsibilities as a business owner. Learn more about your super obligations & how Crescent Wealth can help.
Paying super to your employees
As an employer, you are required to make super contributions on behalf of your employees; this is known as a superannuation guarantee and is paid directly to each employee's nominated, existing, or default super fund on their behalf.
As an employer, you have to pay super if your employee(s) earn at least $450 gross per calendar month.
The exceptions are employees who are:
- Under 18 years of age and working fewer than 30 hours per week
- Performing work of a private or domestic nature for not more than 30 hours a week for a non-business employer.
Please note: A federal or state award, industrial agreement, or employee contract may still require you to contribute super for the above employees. It’s essential to investigate your particular circumstances.
Currently, the SG contribution rate is 10.5% of an eligible employee’s ordinary time earnings and must be paid into a complying fund. If your employees work under a specific industrial award or agreement, you’re obliged to contribute in accordance with that award or agreement.
The SG rate will increase each year until it reaches 12%. The current SG rate increases are set out below:
|1 July 2022 – 30 June 2023||10.5%|
|1 July 2023 – 30 June 2024||11%|
|1 July 2024 – 30 June 2025||11.5%|
|1 July 2025 – 30 June 2026 onwards||12%|
The Superannuation Guarantee (Administration) Act 1992 (the Act) requires employers to make SG contributions on (at least) a quarterly basis or you may incur an SG charge. The SG Act requires contributions to be made by the 28th business day following the end of each calendar quarter (that is, by 28 July, 28 October, 28 January, and 28 April).
When a cut-off date for payment falls on a Saturday, Sunday, or public holiday, you can make the payment on the next business day.
If you don’t meet these deadlines, you may have to pay the required amount, plus interest and an administrative penalty imposed by the ATO the following month. Other penalties may also apply. We encourage employers to make payments monthly so they never have to worry about missing the SG deadline.
As an employer, you can make super-guarantee contributions via your chosen SuperStream-compliant payment system. If you don’t already have a system, you can register for our recommended Clearing House, QuickSuper.
To make contributions for your employee(s), you will require:
- Your employee’s Crescent Wealth member number
- Crescent Wealth Super Fund USI: 71302958449001
If you have any trouble registering for QuickSuper, please contact our employer support team on 1300 926 626 and select employer on the keypad, or contact the team via email Super@crescentwealth.com.au
Employers are required to choose a default MySuper fund to receive employer contributions where employees do not nominate a super fund of their choice.
Crescent Wealth is not a MySuper fund. However, it may be chosen by an employee to receive employer contributions.
Offering your employees choice
Eligible employees can choose the fund their super guarantee contributions are paid into. As an employer you must provide eligible employees a Superannuation standard choice form within 28 days of their start date.
Self-employed? We have you covered
If you’re self-employed – that is, a sole trader or a partner in a partnership – you don’t have to make SG contributions to a super fund for yourself. However, you can voluntarily make personal super contributions as a way of saving for your retirement.