If your accountant reminds you to pay your superannuation (super) obligations on time, there is good reason for that.
The introduction of single touch payroll (STP) has made it very easy for the ATO to monitor employer’s activities. There has been a lot of audit activity since its introduction with the potential for more to come.
If you pay your super late
- You will need to lodge a superannuation guarantee charge (SGC) statement within one month of the due date. This is how the ATO calculates the SGC which comprises super guarantee on salary and wages (including any overtime – which normally wouldn’t attract SG), nominal interest of 10% per annum and an administration fee of $20 per employee per quarter. You will find the statement here.
- Should you not lodge the above SGC statement by its due date (one month after the super was due), a penalty of up to 200% can apply!
- None of these charges are tax deductible and if you use a late payment to offset your charges, they become non-deductible too.
We find that clients often require assistance from us to complete these steps so please don’t hesitate to contact us. The earlier this is rectified the better.
Mark these dates in your calendar!
| Quarter | Super Guarantee payment due date | SGC statement due date (if late) |
| 1 July – 30 September | 28 October | 28 November |
| 1 October – 31 December | 28 January | 28 February |
| 1 January – 31 March | 28 April | 28 May |
| 1 April – 30 June | 28 July | 28 August |
Other tips
- Pay super first and don’t wait to prepare your quarterly BAS. The due date is the date the contributions must reach the fund, therefore allow up to ten days for processing by your clearing house.
- If you’re a related party e.g., a sole director getting paid wages, the same rules apply.
- Find out if your accounting software can streamline this process. Many software providers have this capability.
- The current rate for superannuation guarantee for 2023/2024 is 11%. It is worth checking your software is calculating this correctly.
