Late Superannuation Guarantee Payments – What you need to know!

The Australian Taxation Office (ATO) has announced that they will now be conducting data matching to ensure employers are reporting all their superannuation information correctly and complying with legislation requirements.

Penalties may be enforced by the ATO if employers do not report and pay employee’s super guarantee (SG) to the correct super fund on or before the due date.

If the superannuation guarantee is processed late, employers are required to lodge and pay a Superannuation Guarantee Charge (SGC) Statement.  This should be done as soon as the employer becomes aware of a missed or late superannuation payment.

In general terms, employee’s super contributions are considered paid on the date it is received by the super fund. If using a clearing house, payments that do not reach the super fund until after the payment due date, may be considered late payments.  Processing times vary between clearing houses, so check the processing timeframes required by your clearing house to ensure payments are received before the payment due dates.

If employers are unable to pay their superannuation guarantee in full, they should contact the ATO or their 4Front Adviser to discuss their options.

Motor Vehicle cents per kilometre rate for 2024

The ATO motor vehicle cents per kilometre rate from 1 July 2023 has increased from 78 to 85 cents. For employers that pay at the ATO rate, please update your payroll software accordingly.

If you require any assistance or guidance regarding the above, please contact our office.