SUBJECT – Superannuation for employees
Hi I'm Barbara Keating, Accountant and small business specialist at MWL Financial Group.
Superannuation is a government based incentive to increase an employee’s retirement funds. Employees and contractors that meet certain criteria are paid superannuation based on their ordinary time earnings into what is called a superannuation fund. The superannuation fund in turn invests the money it receives with hopes to grow the employee’s balance for use in their retirement.
As an employer it is important to note your superannuation obligations ranging from superannuation calculations, to payment due dates. Failure to meet your obligations as an employer could result in hefty penalties, and denial of deductions for superannuation paid.
For more information contact us at firstname.lastname@example.org and either me, Barbara Keating or one of our experts will be more than happy to help.