Superannuation Payments Reminder 2020/2021

For employers – Due dates for the current financial year

Super is a compulsory employer contribution to eligible employees calculated from the day they start work. Currently, you are required to pay a minimum of 9.5% of your employees’ ordinary time earnings into super. You must make the payments at least four times a year, by the quarterly due dates as follows:

Quarterly payment due dates for super payments

Quarter Period Payment Due Date
1 1 Jul – 30 Sep 28 October 2020
2 1 Oct – 31 Dec 28 January 2021
3 1 Jan – 31 Mar 28 April 2021
4 1 Apr – 30 Jun 28 July 2021


Please be aware of the following:

  • Allow for processing time. You should pay at least one week before the due date, ideally 15 days after the end of a Quarter. Put this reoccurring task into your calendar so you won’t forget.
  • There have been cases where employers receive warning from the ATO for being just 2 days late.
  • If you don’t pay on time, you are liable for the Superannuation Guarantee Charge (SGC), even if you make the payment later. This means lodging tedious forms to ATO, which will include:
    • Super shortfall amounts that are calculated on the full salary and wage amount which includes overtime, allowances, etc.
    • Interest charge for the late period (currently 10%)
    • Administration fee of $20 per employee, per quarter
  • Furthermore, the ATO has the ability to disallow late payments and impose further penalties, which would result in paying your employees superannuation twice for the same quarter.
  • Most importantly, late super payments are non-tax deductible!

 

For more information about the super guarantee charge (SGC):
https://www.ato.gov.au/business/super-for-employers/paying-super-contributions/missed-and-late-payments/the-super-guarantee-charge-(sgc)/



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