The advantage of paying your superannuation on time
Many business owners in Perth are struggling to meet their legal requirements to pay superannuation for their employees by the set deadline. But did you know that if you pay your superannuation on time your business is eligible for a tax deduction?
Paying superannuation is a legal requirement that doesn’t have to be problematic. By making sure you have the right advice and the right system in place, we make sure your business benefits from all tax deductions due for early or on-time payments. Contact us today to find out how we can help your business benefit.
Things you need to know about paying superannuation
- Do you know if you have to pay your super monthly or quarterly?
- Do you know why this makes a difference?
The regulations can be different for each industry. Make sure you are meeting the right regulations when you make your payments or you could face steep penalties.
How superannuation is calculated
The amount of superannuation you are legally required to pay changes each year based on the percentage decreed by the Australian Tax Office (ATO). The super you pay to your employees is based on their ordinary time earnings (OTE).
Ordinary time earnings are what an employee will earn from the ordinary hours they work. This includes some bonuses, commissions, over-award payments, shift-loading and some allowances. Often this is linked to the payroll.
For a qualified bookkeeper with good attention to detail, calculating the correct amount for each employee is a relatively uncomplicated process.
Speak to one of our staff today to find out how QCI can help your business benefit from well-managed superannuation payments. Call us today on (08) 6180 9852 or click here to send us an email.
