Compulsory Superannuation Due Dates
As an employer you must pay superannuation for eligible employees and ensure that the funds are received by the employee’s superannuation fund on or before the quarterly superannuation due dates. Please note that you must allow sufficient time for a superannuation clearing house to distribute funds to your employees designated superannuation account. The date you pay the superannuation clearing house is not considered the date paid (unless paying to the Australian Taxation Office’s Small Business Superannuation Clearing House).
Please note that due to all employers being required to pay their employees superannuation through a clearing house; the Australian Taxation Office (ATO) now has data on when you pay your employees superannuation. Hence, if you miss the due date – they now know!
Be aware that superannuation that is not paid by the due date is not tax deductible.
Be aware that superannuation that is not paid by the due date is not tax deductible.
Quarterly Due Dates
If the due date falls on a weekend or public holiday, the contribution must be received by the fund on or before the next business day.
Some superannuation funds, awards and contracts may require you to pay superannuation more frequently than quarterly. You can also choose to pay superannuation more frequently if you like.
Superannuation Guarantee Charge
If you miss the quarterly due date or make late superannuation payments, you must lodge a superannuation guarantee charge (SGC) statement.
The superannuation guarantee charge is made up of the
unpaid or late superannuation amount, a nominal interest component and an administration fee.
Please see the
ATO website for more information on the superannuation guarantee charge.
If you would like our assistance with completing any superannuation guarantee charge forms, please don’t hesitate to contact us.
We note that the ATO has indicated that they will be conducting audit activity in this area using information collected from superannuation funds and Single Touch Payroll (STP) reporting.
Have you taken out Audit Shield? In the event that you are subject to an audit; the associated professional fees (to a set limit) will be covered. Please contact us if you would like a pro-rated invoice or more information on Audit Shield.
As always, do not hesitate to contact us if you have any questions.
Kind regards,
SaabTeece
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