Super Due Date -March

Hey there! 😊Just a friendly heads up - the superannuation deadline for this quarter is only a few weeks away on April 28th, 2023.

We're here to give you a little nudge to make sure you've got all your ducks in a row and have paid your super on time. Trust us, future you will thank you for staying on top of things. 👏

All employers in Australia are required by law to pay their employees superannuation, a form of savings that provides benefits for retirement. Superannuation is generally payable to full-time and part-time employees who are 18 years or older, and earn more than $450 a month (before tax) from their role. Employers are legally required to make contributions to an employee's super fund on a quarterly basis

Who is considered an employee for SG purposes?

👉Employee's - Full-Time, Part-Time and Casual

👉If you own a Company and pay yourself a wage (your considered an employee and must pay yourself super)

👉Contractors who work on a regular basis for a Company and get paid for their labour hours. (reach out for more information)

What if I pay after the due date? 🤐

If you are an employer and you make superannuation payments to your employees after the due date, you may incur financial penalties. The penalties involve a ‘contribution shortfall’, which is the difference between the amount of super contribution that should be paid and the amount that was actually paid.

In addition, if any part or all of the payment was unpaid for more than 28 days after its due date, interest will accrue on the outstanding amount until it is paid in full. Employers should also be aware that failure to pay superannuation can result in legal action taken by employees who have not been paid their entitlements.