Superannuation guarantee (SG) is the minimum amount you must pay to avoid the super guarantee charge. Super guarantee is 10.5% of an employee’s ordinary time earnings.
Super must be paid at least quarterly for your employees by the due date, as set out below:
|1 July – 30 September||28-Oct|
|1 October – 30 December||28-Jan|
|1 January – 31 March||28-Apr|
|1 April – 30 June||28-Jul|
If you are unable to make payment, or your payment is late, you are required by law to submit a Superannuation Guarantee Charge (SGC) Statement to the ATO, and pay the Super Guarantee Charge. Preparation of this statement includes providing details of your employees and the superannuation payable for each employee.
One key difference when calculating super payable when preparing an SGC statement, is that superannuation is payable on ALL wages, not just ordinary time earnings. You are also required to pay interest and an administration fee of $20 per employee per quarter.
If you would like to discuss your superannuation obligations, or require assistance with lodging an SGC statement, please contact our friendly team at any of our offices.