Superannuation record keeping

You can use whichever method suits you best to keep records of your superannuation payments and choice of fund obligations with the following limitations:

your records must be in writing in the English language (or in a format that is easily accessible and convertible into writing in the English language).
you must keep your superannuation records for five years
if you keep electronic records, software should be available to access older floppy disks, CDs and computer records.

What records you need for Superannuation Guarantee

You must keep records that adequately show the amount of super that was paid for each employee. You should also keep any documents that helped you calculate the level of super you paid.

As with other business dealings, you should keep records that affect your liability, such as advice from trustees about the funds to which you are contributing. These records can be examined by the Tax Office and there are penalties for failing to keep accurate records.

If you ever incur a superannuation guarantee charge, you also have to keep records of how you calculated the amounts shown in your quarterly superannuation guarantee charge statement.

A penalty of up to $3,300 for an individual and $16,500 for a corporation applies for failing to keep records.

If you are required to pay superannuation under an award, you may have additional record keeping obligations and you should check your relevant award or regulations.

What records you need for choice of fund

You need to maintain records that show you have offered your eligible employees a choice of super fund. These records include:

details of employees who do not have to be offered a choice of superannuation fund. For example, if an employee is not eligible to choose because the certified agreement they are employed under requires superannuation support to be provided
confirmation that your fund meets the insurance requirements. These could be a copy of the product disclosure statement provided by the fund, or a record of a telephone conversation with an authorised representative of the superannuation fund about the level of insurance it offers
evidence that shows you have provided the Standard choice form to all eligible employees. For example, you may issue the Standard choice form by email and keep copies of the emails, and
the written information the employee provides when they nominate their chosen fund, and
receipts or other documents issued by the fund showing that you have made superannuation contributions for that employee to the chosen fund.

Last Modified: Wednesday, 16 May 2007

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