Did you know?
As a business, if you do not pay your employee superannuation guarantee contributions by the quarterly cut-off date, you are not able to claim a tax deduction for the superannuation amount!
Even just one day late means you are unable to claim a tax deduction!
In addition, if superannuation is paid later than the cut-off date the employer needs to lodge a "Superannuation guarantee charge statement" for each late quarter. This includes the original SGC, an admin fee of $20 per employee per quarter plus 10% interest on the total from the first day of the quarter.
To avoid all of this, and in order to claim a full tax deduction for the payments, super must be paid and received by the superannuation fund by the quarterly cut-off dates below:
Quarter Period Payment cut-off date
1 1 July – 30 September 28 October
2 1 October – 31 December 28 January
3 1 January – 31 March 28 April
4 1 April – 30 June 28 July
Think you've breached these rules? Contact us to discuss your options.