Understanding Super Guarantee Obligations for Employers

As an employer, you have a crucial responsibility to ensure your employees' financial future by contributing to their superannuation funds. Understanding the Super Guarantee (SG) obligations is vital to meet legal requirements and avoid penalties.

It's important to note that employers must pay the SG by the 28th of each month following the end of each quarter.

Key Dates to Remember:

• March Quarter: Due by 28 April

• June Quarter: Due by 28 July

• September Quarter: Due by 28 October

• December Quarter: Due by 28 January

Time Considerations for Payments

When making SG payments, it's crucial to allow extra time for the funds to reach your employees' super accounts especially if you're using a clearing house,. This additional time ensures that the contributions are processed and allocated correctly, minimising potential delays or issues.

Current and Future SG Rates

As of now, the SG rate stands at 11%. However, it's key to be aware of the upcoming changes:

• From 1 July 2024, the SG rate will increase to 11.5%.

Employers should plan accordingly to adjust their payroll systems and budget for this upcoming change.

Stay Compliant, Stay Informed

Understanding and meeting your SG obligations is not only a legal requirement but also a crucial part of supporting your employees' retirement savings. By staying informed and proactive, you can ensure smooth and compliant contributions to your employees' superannuation funds.

Don't forget to mark these key dates in your calendar and make timely payments to avoid any penalties.

Reach out to our partners Mark Guy or Steven Haggerty for any assistance or further information around superannuation and employer obligations.