Critical information you need to understand about superannuation contributions for employees

 

We cannot stress enough, the importance of meeting your employee superannuation contribution commitments.

If we aren’t taking care of this for you, find a way to remind yourself to action this soon after each quarter ends.

What you need to remember:

    • Super must be paid at least quarterly however you can choose to pay it more frequently
    • The quarterly due date is 28 days after each quarter end:
        • July to September by 28th October
        • October to December by 28th January
        • January to March by 28th April
        • April to June by 28th July
    • The due date is the date by which funds need to arrive in the employee’s superannuation fund bank account, so payments should be approved well in advance of the due date.
    • To be able to claim a tax deduction for superannuation contribution payments you must pay them on time.
    • If super is paid late, a superannuation guarantee statement should be prepared and lodged.  Interest and admin fees apply and super in this case is calculated on pay items it doesn’t normally apply to such as overtime.

A quarterly superannuation payment is due to reach employees’ super funds by the 28th of this month, make sure you pay it soon enough to meet the above conditions.

Keep an eye out for our upcoming article on whether a director can be held personally liable for unpaid superannuation owing to their employees.

We are just a phone call away if you need help in this area.

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