As an employer, it’s your responsibility to pay super contributions from the ordinary time earnings of your employees. The 11% you pay is the super guarantee, and making timely payments each quarter is essential.
Submit the contributions too late, and you may find yourself paying a super guarantee charge. So, what are the due dates for super payments in Australia?
Our article will tell you the exact dates you should make your super contributions. Here are the dates you should have in your calendar.
4 Due Dates to Make Super Payments
Four dates to keep in mind to make punctual super payments are as follows:
1. For quarter one, which falls between 1st July and 30th September, the super contribution is due by the 28th of October.
2. For quarter two, which falls between 1st October and 31st December, the super contribution is due by the 28th January.
3. For quarter three, which falls between 1st January and 31st March, the super contribution is due by 28th April.
4. For quarter four, which falls between 1st April and 30th June, the super contribution is due by 28th July.
The key is to ensure the super fund receives the super guarantee in time for the due date for each quarter. It’s only possible to make delayed payments, such as paying the contribution the working day after the due date, if the specific date falls on an Australian public holiday, a Saturday or Sunday.
What Are Personal Super Contributions?
Personal super contributions are the after-tax contributions you can make for your employees. If you make these contributions, time is of the essence. Avoid delays when paying this type of super contribution, as prompt personal super contributions will ensure it is allocated to the account.
For example, to make the payment count for the end of the financial year, ensure you submit the contribution by 23rd June for the due date of 30th June.
What Is SuperStream and What Is a Clearing House?
SuperStream is a data reporting standard you should follow when paying your employees’ super contributions. The standard format makes it easy to process within the superannuation system. You can adhere to this format by using an online system, a payroll system or a clearing house.
Clearing houses will pay the super to your employees’ funds. You must send one payment and the data to the clearing house to initiate this process. A small business superannuation clearing house is available if you have less than 19 employees. Commercial clearing houses are also available for free.
When using a commercial clearing house, check how much time is required to ensure the super gets processed on time, before the due date each quarter.
Pay Superannuation Contributions Promptly with Advisory One
If you need advice from a professional financial expert to ensure you handle your employees’ superannuation contributions promptly, check our services. We have the experience to help you handle superannuation fund record-keeping challenges and more.
Reach out to our professionals for more information, make timely superannuation contributions and avoid super guarantee charges with Advisory One.
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