After processing your payroll we also process your Superannuation guarantee whether it be monthly or quarterly, using a compliant superfund clearing house through our BAS Agent Portal or directly through Xero (if that is your preferred software). We set this up and manage this for you. If for some reason you do not pay your superannuation guarantee on time, you may have to pay a superannuation guarantee charge. With the one touch payroll that has been introduced on 1 July 2018 the ATO will be chasing businesses to pay on time. The superannuation guarantee charge is not tax deductible and they also charge interest plus and administration fee.
Superannuation is money you pay for your workers to provide for their retirement. Generally if you pay an employee $450 or more before tax in a calendar month then you must pay super on top of their wages.
- You must pay the Superannuation Guarantee at least quarterly by the due dates
- You must pay and report this electronically
- Your payments must go into a complying super fund and employees are able to choose their own fund
- If you don’t pay the Superannuation Guarantee on time you may have to pay the super guarantee charge.