Of course not, the more the merrier! Just remember that every employee has a choice when it comes to which super fund they’d like to join. As their Employer, you also need to provide an ATO Standard Choice Form (and keep a record of this).
In addition to the usual general business details, you’ll also need to tell us:
- Key Contact details- nominate a Key contact person who will have access to your company’s max account details and online account.
- Employee details- in addition to your employee’s personal and contact details, you will need to provide details of their salary, work status, Tax File Number, and the date they joined your company.
It’s not crucial that you provide this information at the time of signing up to max, but we’ll be bugging you later if you don’t.
We love security. Firewalls, dedicated secure networks, intrusion detection systems… hell, we even have the same encryption standard as the US Government! Enough said.
The SG contribution cut-off dates occur quarterly for the nitty gritty. If the cut-off date happens to fall on a weekend or public holiday, the cut-off date is the following working day.
The ATO doesn’t extend SG contribution dates. Having said that, if you know you are going to miss the contribution due date, you can ask the Commissioner of Taxation in advance for an extension. This has to be done in writing, stating in detail why you need the extension. But remember, even if you request an extension, it doesn’t necessarily mean you’ll get one.
If you don’t dish out the right dosh, or fail to make a payment by the due date, you will have to pay a Superannuation Guarantee Charge to the ATO. The Superannuation Guarantee Charge is made up of three parts:
- SG shortfall amounts (which includes any choice liability)
- interest on that amount, and;
- an administration fee.
You will also need to complete a Superannuation guarantee charge statement – quarterly which can be downloaded from the ATO website at www.ato.gov.au And the Superannuation Guarantee Charge (including any SG shortfall) is not tax deductible!
- SG contribution records (this includes all info which shows how you’ve calculated super amounts for each employee)
- Records that may affect your liability.
- If you had to pay the Superannuation Guarantee Charge because you failed to meet the contribution cut-off date or you didn’t pay enough super to your employees, then you will need to keep details of how you calculated the amounts shown in your Superannuation guarantee charge statement – quarterly.
- It’s all fine, fine, fine – Unfortunately if you fail to keep records you could face a financial penalty from the ATO.
- More records? If you have to pay superannuation under an award, there may be more records to keep. Best to check out your company’s relevant award and/or regulations from the ATO or phone 13 10 20.
An after-tax contribution is also called a ‘personal contribution’ or ‘non-concessional’ contribution. Members and Employers can make personal contributions directly to max via EFT, cheque or direct debit. This might be a one-off payment, or they might want to set up a regular savings plan (for example, monthly contributions).
Salary sacrifice is an arrangement between you and your employee. As an employer, make sure you do the following so that the tax man can give you the tick of approval:
- arrange the salary sacrifice details before your employee is entitled to payment
- clearly document all the terms of the salary sacrifice arrangement (eg. all details of remuneration and the salary sacrifice)
- include the amount with the next SG contribution you make
If you follow the recommended approach here, your fund will be notified.
In your online account use one of our superstream compliance solution or just give the max Team a call and we’ll sort it out.
Ask your employees to complete a max Super Rollover form. All they have to do is fill in their details and return the form to us by fax or post.
Just tell us in writing about the change of name and/or ABN, along with some evidence (don’t worry, we don’t take fingerprints). If you’ve got any queries, just give us a buzz on 1300 629 787 between 8:30 am and 5:00pm (AEST), Monday to Friday.
You can change your Key contact at any time in your online account, or give us a call on 1300 629 787 between 8:30 am and 5:00pm (AEST), Monday to Friday and we’ll make the change for you.
The good news is your employees can change their personal details in their own, secure online account. Just remind them to jump online to do this.
Employees can change their insurance cover by completing the max Super Insurance Application Form & Personal Health Statement. Before making any changes, it’s important that an employee reads the max MySuper Plan Reference Guide.