How this affects your Super Guarantee requirements
When the compulsory SG contribution payments are increased to 10%, you will need to alter your payroll systems to pay the new increased rate to your eligible employees.
If you don’t pay the correct rate of SG into your employees’ superannuation accounts by the quarterly due date, you may have to pay the Superannuation Guarantee Charge (SGC). This ATO penalty for late or incorrect payments consists of all the SG amounts owing to an employee. In addition, these late or inaccurate payments will incur interest and an administration fee. You will also be required to report and rectify any missed payments by lodging an SG Statement with the ATO. For more information regarding your SG obligations and quarterly due dates, visit the ATO website.
If you need more information on the Super Guarantee requirements, you can contact our tax champions on 1300 4 PARIS.