Superannuation Payments Reminder 2022/2023
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. Changes to super since 1 July 2022 include:
➡ the increase in the super guarantee (SG) rate from 10% to 10.5%
➡ the removal of the $450 per month eligibility threshold when paying SG.
Note that you must have applied these changes to all the salaries and wages you paid from 1 July 2022, even if some of the pay periods they relate to was before 1 July 2022.
To avoid penalties, including the superannuation guarantee charge (SGC), you must pay the right amount of super for all your eligible employees 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 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 |
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/missed-and-late-super-guarantee-payments/the-super-guarantee-charge/
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