Employers are reminded that employee super contributions for the 1 January 2024 to 31 March 2024 quarter must be received by the relevant super funds by 28 April 2024 (which is a Sunday), in order to avoid being liable to pay the Super Guarantee charge. When a super due date falls on a weekend or public holiday, your contribution must be received by the fund on or before the next business day. Contributions made via commercial clearing houses have been taking up to 10 days in some cases to end up in the employee's fund. We would always recommend allowing a decent buffer if contributions are made via commercial clearing house. If making the payment via the ATO clearing house, there is a bit of extra leeway for the contribution to be received if the 28th is a weekend or public holiday until the next business day. Click here for due dates.

The Super Guarantee Charge, which is owed to the ATO, is made up of three parts, the amount of super that's due plus interest, plus an admin fee. In addition to making that superannuation guarantee charge, the employer also has an obligation to lodge the Super Guarantee charge statement to the ATO within one month, generally that the Super was actually due. And failure to lodge this statement means that the employer is liable for a penalty that's calculated at twice the Super guarantee charge amount. This penalty is automatically imposed by the law, but the Commissioner has discretion to remit this penalty, but not for historic quarters that ended on 31 March 2018 or earlier, unless there were exceptional circumstances that prevented the employer from providing that information. PS LA 2021/3 outlines the Commissioner's approach to these penalties and the circumstances in which he will choose to remit them in part or in full.

Need Help with your Business, Bookkeeping, Tax or SMSF requirements?

If you would like a little help, please get in touch with us for assistance. We can help with your business, bookkeeping, tax and SMSF requirements.

Please also note that many of the comments in this publication are general in nature and anyone intending to apply the information to practical circumstances should seek professional advice to independently verify their interpretation and the information’s applicability to their particular circumstances. Should you have any further questions, please get in touch with us for assistance with your SMSF, business, bookkeeping and tax requirements. All rights reserved. Brought to you by RGA Business and Tax Accountants. Liability Limited by a scheme approved under Professional Standards Legislation.