What is Superannuation?
Superannuation, or Super is money put aside by your client or employer over your working life for you to live on when you retire from work. Super is a long-term investment which grows over time.
For most employees or workers, super begins when you start work and your employer starts paying a percentage of the your salary or wages into a super fund account for you. The Super fund invests and manages this money for you until you retire.
How is Superannuation managed on Worksome
If you are an Australian sole trader and produce work for a client via Worksome, we are obligated to charge your client your Superannuation fees on top of their invoices. As of March 2023, the Superannuation contribution is 10.5% of the gross total of the your bills.
Please note this this only applies to contractors that are set up as sole traders and NOT limited companies.
When your client invites your to a job on Worksome, you first create your profile as a sole trader, Worksome will reach out to you via email to collect details of your chosen APRA regulated or RSA fund. Or perhaps you are engaged with a self-managed super fund (SMSF), which if this is the case we will request additional authentication documents. Whichever is true, can you send us:
The fund name
The funds ABN
The funds Account Number
The funds address with suburb, state and postcode details
The funds phone number
The unique superannuation identifier (USI) for APRA or RSA funds; or
Electronic Service Address (ESA), Bank account name, BSB code & Account number for SMSF cases
Superannuation is handled outside the Worksome platform, meaning that Super fees are not part of the job rate set in your jobs or on the bills you create.
When accepting a job, please make sure that the job rate is exclusive of Superannuation, or your client will be charged twice.
Once you have created a bill, and your client approved it, Worksome will add the Superannuation fee on top of the invoice we send to your client as a separate line item.
Depending on which type of Super fund you have chosen above, we will either pay your Super contributions into your own Super fund or into Worksome's Super fund on a quarterly basis.