Through the super guarantee (SG) legislation, you must contribute 9.5% superannuation for eligible employees from their salary. Employees can also choose to salary sacrifice to a higher level.
The 9.5% applies to all employees who earn more than $450 per month, except for employees under 18 who work less than 30 hours per week.
Find out more in our Employers Guide
All employers please note, to ensure contributions are shown on members’ 30 June benefit statements, contributions to default fund members must be remitted and paid by 3:00pm (EST) on 26 June. This date allows adequate processing time for contributions to be received and allocated to members of the fund.
If you are remitting contributions for choice funds, we recommend that you aim to authorise payments by 3:00pm (EST) on 16 June. This timing allows for the allocation of contributions to choice funds by 30 June.
If either 16 June or 26 June fall on a weekend, please ensure contributions are remitted and paid prior to 3:00pm on the following business day.
Please note: Any contributions remitted or paid after the deadlines stated above may result in the contributions being applied to member accounts in the following financial year. We recommend contacting us for further information if you have any questions.
In addition, employers are obligated to make payments for each quarterly period by the below final payments dates, as specified by the ATO:
|1||1st July – 30th September||28th October|
|2||1st October – 31st December||28th January|
|3||1st January – 31st March||28th April|
|4||1st April – 30th June||28th July|
It’s crucial to pay the correct amount of super by the cut-off date each quarter to avoid paying the Superannuation guarantee charge to the Tax Office.
You can choose to make super payments more regularly than quarterly. For example fortnightly or monthly, so long as the total amount you owe each quarter is paid by the quarterly cut-off dates.
If an important date falls on a weekend or public holiday, you should make the payment by the next working day.