Everything You Need to Know About Superannuation Quarterly Reporting

Everything You Need to Know About Superannuation Quarterly Reporting - NEW REQUIREMENT’S

Managing superannuation for your business can be a complicated process. Not only do you need to pay your contractors’ super on time, but you also have to submit quarterly reports in order to comply with the ATO (Australian Taxation Office). This blog will cover everything you need to know about superannuation quarterly reporting, including payment dates and the new rules that come into effect from July 2022.

What is Superannuation Quarterly Reporting?

Superannuation quarterly reporting is an obligation under the ATO’s Super Stream legislation. It requires all businesses to provide information about their employees’ or contractors' superannuation payments within 28 days of the end of each quarter. The information must include details such as the employee's name and tax file number, as well as the amount paid and when it was paid.

The Benefits of Superannuation Quarterly Reporting

By submitting regular reports on your employees' or contractors' superannuation payments, you'll be able to keep track of how much money has been paid out and when. This will help ensure that you are meeting all of your obligations under the law, which can save you from expensive penalties and fines. In addition, these reports make it easier for bookkeeper’s to keep your books in order and ensure accurate payroll accounting for each payment cycle.

Super Payment Dates for Each Quarter

Quarter Period Payment due date

1 1 Jul – 30 Sep 28 October 2022

2 1 Oct – 31 Dec 28 January 2023

3 1 Jan – 31 Mar 28 April 2023

4 1 Apr – 30 Jun 28 July 2023

The ATO requirers All Companies To Pay Contractors Super As Of July 2022

From July 2022, all companies must pay their contractors’ super at least monthly, if not quarterly. This means that employers must now set up a system to make sure that all contractors are paid their super entitlements on time every single month or quarter. Employers who fail to meet this obligation may face significant fines from the ATO.

Making sure that you submit your superannuation quarterly reports correctly can be a complicated process — but with some careful planning and organisation, you can stay ahead of any changes made by the ATO or updates required by law. By understanding what needs to be done each quarter — including payment dates — and knowing when new requirements come into effect, businesses can ensure they remain compliant with both state and federal regulations regarding contractor payments. Keeping up with these requirements will help ensure that both employers and workers receive their fair share from each contract job completed throughout Australia.