Reminder: Superannuation Guarantee Contributions are due
If you’re an employer or responsible for managing employee superannuation contributions, there are a few key deadlines that you need to be across to ensure your business is compliant and to avoid penalties.
It is important that you ensure you pay staff SG contributions for the quarter ended 30th June 2018 BEFORE 28th July 2018 or you can be liable for penalties. When arranging payment for this quarter, please ensure that you allocate enough time for processing. Payment must be banked by your employee’s super fund BEFORE 28th April, so allowing 5 working days before the due date is a good general rule of thumb.
What happens if the payment deadline is not met?
If payment is not made by the deadline, or to the correct fund, you may have to lodge a Superannuation Guarantee Charge (SGC) statement and pay the SGC. In some cases, Directors of companies can become personally liable if SG contributions are not paid by the due date.
For more information on superannuation guarantee contributions please visit the ATO. If you would like to receive some advice, our dedicated superannuation team will be available to assist with your enquiry. Please call us on +61 2 9981 2300 or click here to send an enquiry via our website.