Tax basics for small business

Are you meeting your superannuation guarantee responsibilities?

Under the superannuation guarantee law, you must:

• contribute 9% of each eligible employee's earnings base to a complying super fund or retirement savings account at least quarterly
• offer your eligible employees a choice of super fund
• act on your employees' choice of super fund
• pass on your employees' TFNs to their super fund.

If you have not met your obligations, you must lodge a Superannuation guarantee charge statement - quarterly (NAT 9599) with us by the superannuation guarantee charge due dates (28 November, 28 February, 28 May and 28 August).

You cannot claim a tax deduction for any superannuation guarantee charge amount you pay.

For more information, see Your super obligations.

Sections within Your first year in business

• Is your budget working?
• Are you lodging your activity statements on time?
• Are you lodging your tax return on time?
• Are you meeting your superannuation guarantee responsibilities?