A close look at Australian superannuation, now and in the future

Straight Up Small Business

There is a lot of misunderstanding out there around superannuation. Because information isn’t always readily available or well known, my goal for this episode is to help keep you up to date on the ins and outs of superannuation. There will be some big changes happening with regard to superannuation requirements in Australia very soon, so get ready to take some notes.

This episode is intended for employers who pay super to their staff, payroll officers, business owners who pay super to themselves as part of payroll, and employees who want to learn more about super and their rights.

As I cover an overview of superannuation, I discuss the fact that employees can choose their super fund and the obligation employers have when it comes to paying superannuation guarantees. I talk about ordinary time earnings (OTE), superannuation payment due dates and the super rate changes that are coming up, starting in July 2023.

The ATO is cracking down on late super payments and there will be some hefty implications and penalties for employers moving forward. I share exactly what these penalties are and what you can do now so that your business is prepared for the changes.

Though potentially very expensive for employers who have a lot of staff, the great thing about superannuation is that it helps workers who work really hard to have a better retirement with more funds set aside for their post-work years. I advise you to stay educated and up to date with current issues, whatever side of the superannuation fence you're sitting on so that you know what your obligations and entitlements are.

I hope you find this episode really helpful in understanding the changes that are coming up very soon.

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