As we approach the end of Quarter 3, 2022/23, this is a reminder of the upcoming 28th April 2023 due date for payments of your mandatory employer Superannuation Guarantee Contributions.
Currently, the mandatory Superannuation Guarantee Contribution rate for Financial Year 2022/23 sits at 10.5%. This rate must be paid for all eligible staff into the employees’ nominated Superannuation Fund.
Please keep in mind, payment of the Superannuation Guarantee into an employee’s fund is due quarterly according to the due dates outlined in the table below:
| Quarter | Period | SG Contribution Due Date | SG Statement & Charge Due Date |
| 1 | 1 July - 30 September | 28 October | 28 November |
| 2 | 1 October - 31 December | 28 January | 28 February |
| 3 | 1 January - 31 March | 28 April | 28 May |
| 4 | 1 April - 30 June | 28 July | 28 August |
Where Superannuation Guarantee Contributions are paid late, there will be a minimum penalty of 100% of the SGC amount and maximum of 200% where the shortfall is detected because of an ATO instigated enquiry. Therefore, we urge you to check your records each quarter to ensure that all mandatory (10.5%) superannuation contributions have been paid by the 28th day after the quarter end.
You should also be aware that it can take several days for the payments to reach the fund through SuperStream. Payments should be scheduled 3 – 4 days in advance of the due date to ensure they reach the fund by the due date.
Should you miss the superannuation payment deadline, you are required to lodge a Superannuation Guarantee Charge Statement advising the ATO of the amount that wasn’t paid on time. Interest and administrative charges are payable on lodgment of the form, together with the unpaid superannuation guarantee amount if it has not subsequently been paid to the superannuation funds.
If you are aware of any superannuation contributions from past quarters that haven’t been paid on time, we would encourage you to lodge an SGC form now.
Furthermore, if you’re unsure as to what salary and wage payments are considered part of ordinary times earnings for Superannuation Guarantee purposes, information can be found via the ATO website.
For More information
For more information surrounding Superannuation payments for your employees, or should you have any questions, please contact the Archer Gowland Redshaw on (07) 3002 2699 | info@agredshaw.com.au.
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