Super can be super easy if you just know how. Follow these simple setup tips and you can get on with the busyness of business.
In terms of day-one conversations with new staff, setting up super payments is one that should always be marked ‘urgent’. From an employee’s perspective, superannuation is about trust. Trust in their employer to select a great default fund. Trust in their super fund to manage their investments wisely. And ultimately trust that they’ll be set for a comfortable retirement.
Seamless setup shows your employees you care about their future as a valued contributor to your organisation. Use these simple tips and streamline your employees’ experience from day one.
Be super clear about who gets what
Pay an employee (even a casual or contractor) more than $450 before tax per calendar month? Then chances are you have to pay them super. But there are a few exemptions. If in doubt, check it out . For all your eligible employees, you need to pay 9.5% of their ordinary time earnings – something to consider during salary negotiations.
Be super regular with your payments
It’s a minimum requirement to pay super quarterly, but this can vary depending on the fund, award or agreement.
Be super confident where the money goes
Many employees choose their own super fund. But for newbies to the workforce, it’s often the last thing they’re thinking about. Help them out with a that includes tips and info about how it all works, who your organisation prefers and why. Be sure to include this with their contract paperwork, or digital onboarding package, so they’re ready to sign up on day one. By using the required to pay into their compliant fund or retirement savings account, all your records and
receipts are in the one place.
Onboarding new employees is a busy process. Get the nitty-gritty out of the way with minimum fuss and your staff will likely follow suit. And when you start out on a basis of openness, responsibility and trust, you can build on that platform in the months and years to come.