Why keep Payday Super records
You're required by law to keep accurate and complete records.
Good record keeping helps to show that you're paying super guarantee contributions for your employees in full, on time and to the right fund.
We assess whether you have any super guarantee shortfalls by matching data you report through Single Touch Payroll (STP) with information reported by your employees' super funds. If we investigate a super guarantee shortfall, or don't receive complete or timely data, we may ask you to provide your own records about the super contributions you make for your employees.
Complete and accurate records also make it easier to:
- manage your cash flow
- meet your tax and superannuation obligations
- claim tax deductions for your super guarantee contributions
- understand how your business is doing.
What records you must keep
You need to keep records for your employees that show:
- you offered them a choice of super fund
- details of your super guarantee contributions and calculations
Choice of super fund
Keep records that show:
- that you offered your eligible employees a choice of super fund within 28 days of their start date, including
- evidence you've given employees the standard choice form, or similar documentation that captures the same information (for example, letters or emails sent to your employees)
- the written information each employee provided when they chose a super fund
- details of any employees you don't have to offer a choice of super fund to
- the outcome of your stapled super fund request, if you make one
- why you haven't made a request for a stapled super fund if either
- you advertised a MySuper product during onboarding
- your employee didn’t choose a fund
- that your nominated (default) super fund offers a MySuper product.
Super guarantee contributions and calculations
Keep records that show you've made super contributions for each eligible employee. This includes:
- details of the super fund you contributed to (this is especially important for contributions to a self-managed super fund or defined benefit fund)
- how much super guarantee you contributed for each employee
- details of the qualifying earnings you used to calculate super guarantee for each employee.
Evidence can include receipts or other documents issued by a super fund or bank records of the contributions made.
You're still responsible for keeping your own records of super guarantee contributions even if you use a clearing house to pay super contributions.
It's particularly important to keep records for certain payroll or STP reporting scenarios, such as:
- the first time you contribute super for a new employee, or the first time you pay super for an existing employee who has switched to another super fund
- making a payment of qualifying earnings to your employee that is out-of-cycle with their regular payday
- if you are an employer that is part of a class of employers covered by an exceptional circumstances determination, such as a natural disaster or widespread IT outage
- overpayments or reimbursements, particularly if they apply to multiple QE days (the day you make a payment of qualifying earnings)
- an STP correction
- missed or incomplete STP reporting (for example, when an STP submission is unable to be processed by the ATO).
Your records also provide supporting evidence in situations where we cannot match your employee or your ABN to the contribution data provided by super funds.
How to keep records
You can use whatever method you like to keep these records, as long as:
- your records explain all transactions
- the records are written in English (or in a format that can be easily accessed and converted into written English).
If you keep electronic records, you need to have the necessary software and hardware to access these records.
How long should I keep records
You must keep records for at least 5 years. If an employee works for you for longer than 5 years, it's a good idea to keep their records for the entire time that they work for you.
This supports compliance and any future review or amendment activities. It also helps you when information is incomplete or hard for you to verify later – for example, if an employee does not have a TFN, or they have a self-managed super fund.
- For super contributions for employees – keep records for at least 5 years from the date you make the contribution.
- For choice of super fund – keep records for at least 5 years from the date your employee starts, or is offered, chooses or changes their choice of super fund.
Lost or damaged records
Most employers will have electronic copies of records lodged through Single Touch Payroll. However, if your records are not electronic and are lost or damaged in a disaster, you can make an estimate of super guarantee contributions using old records. You could get these records from:
- your employees
- your bank
- the super funds you pay contributions to
- records of PAYG withholding payments you've made.
Make sure your employees understand how you have calculated their super payments using an estimate.
For more information, see Support in difficult times.