As part of your responsibilities as an employer, I would like to remind you of your Super Guarantee (SG) obligations. Ensuring timely payment of superannuation contributions is crucial for both your employees’ financial well-being and your business’s compliance with Australian tax laws.
Key Points to Remember:
- Quarterly Payment Due Dates:
- 1st Quarter (1 July – 30 September): Due by 28 October
- 2nd Quarter (1 October – 31 December): Due by 28 January
- 3rd Quarter (1 January – 31 March): Due by 28 April
- 4th Quarter (1 April – 30 June): Due by 28 July
- Importance of Timely Payments:
- Deductibility: Super contributions must be paid by the due dates to be deductible in that financial year.
- Penalties: Late payments may incur the Superannuation Guarantee Charge (SGC), which includes interest and administrative fees, and the contributions may not be tax-deductible.
- Calculation and Payment:
- Ensure that you are calculating the correct superannuation contributions, currently at 12% of an employee’s ordinary time earnings.
- Use the ATO’s Small Business Superannuation Clearing House (SBSCH) for streamlined processing if applicable.
Action Required:
- Review your payroll processes to ensure super contributions are calculated correctly.
- Schedule your payments well before the due dates to avoid any last-minute issues.
- Confirm that all payments are made to the appropriate super funds.
By adhering to these deadlines, you not only comply with legal requirements but also support your employees’ future financial security and avoid unnecessary costs to your business.
If you have any questions or need assistance with your SG obligations, please do not hesitate to contact us. We are here to help ensure that your superannuation contributions are handled smoothly and efficiently.
Thank you for your attention to this important matter.
