Super guarantee (SG) contributions for the March quarter are due by 28 April.
Remember, the ATO only consider an employee’s super contribution as ‘paid’ on the date it’s received by the super fund. Funds must receive your payments on or before the quarterly due date.
You need to make super contributions to eligible employees’ super funds regardless of how much the employee has earned. However, employees who are under 18 need to work more than 30 hours in a week to be eligible. Use the SG eligibility tool to work out if you have to pay super for your employees.
From 1 July 2023 the SG rate will increase from 10.5% to 11%. The new rate applies to payments made to workers on or after 1 July.
If you don’t pay the correct amount of SG in full,on time or to the right fund you’ll need to pay the super guarantee charge (SGC) and:
- lodge an SGC statement to the ATO by 28 May to disclose any missed or late super
- pay the SGC to the ATO.
The penalty can be up to 200% of the SGC if you don’t provide an SGC statement when required.
If your employees believe their SG has been missed, paid late, is the incorrect amount or allocated to the incorrect super fund, they can contact the tax office and make an employee notification (EN). The Taxation Office review all ENs, and where unpaid super is discovered, the Taxation Office will pursue outstanding amounts, and may also notify other impacted employees and review other aspects of your business.
Remember, registered tax agents like the tax champions at Paris Financial can help you with your tax and super.
Source: ATO Newsroom
