18th April 2017
Superannuation Guarantee Obligations – Attention All Employers!
The Government has recently established a new multi-agency working group, chaired by the ATO, to investigate superannuation guarantee non-compliance. If superannuation is not paid by the relevant due date, no tax deduction will be allowed. The employer will also be liable for the Super Guarantee Charge (SGC).
If you are not familiar with your Superannuation Guarantee obligations as an employer, you may be inadvertently breaking the law.
The following minimum standards apply to employers:
- Superannuation must be paid for employees who are paid $450 or more per calendar month.
- The current superannuation guarantee rate is 9.5% of Ordinary Time Earnings (OTE).
- Superannuation must be paid and reported electronically in compliance with SuperStream requirements.
- Superannuation payments must be made to complying funds. Employees may choose their own funds.
- Superannuation Guarantee must be paid at least four times per year, by the quarterly due dates shown in the table below.
|Quarter Ending||Due Date|
|31 March 2017||28 April 2017|
|30 June 2017||28 July 2017|
|30 September 2017||28 October 2017|
|31 December 2017||28 January 2018|
If you are concerned that you are not meeting your Superannuation Guarantee obligations, please contact us.