Are you Paying Superannuation on Overtime?
Did you know overtime is not considered an Ordinary Time Earning (OTE) and that superannuation does not have to be paid on overtime?
You could be inadvertently paying too much!
As a small business owner, it is important to ensure your staff are engaged on an employment contract that clearly stipulates their entitlements.
Your employment contracts should stipulate the ordinary hours of work & will help to ensure you are paying superannuation correctly on your employee’s earnings.
Do your employment contracts cover this clearly?
The Australian Tax Office website provides some guidance on what payments to employees are considered part of ordinary time earnings (OTE) for superannuation guarantee (SGC) purposes……
If you need some help in deciphering this, in plain English, call Lisa Lee on 4638 3599 who can offer you some timely, easy to understand & cost effective advice.