Are you paying super on time?

Paying super on time

Staying on top of payment deadlines and other dates is important as missing a payment could result in a fine.

·   You must pay SG at least four times a year by the quarterly due dates.

·   If you don’t pay SG on time, you may have to pay a fine.

When to pay super

For SG contributions, we recommend making monthly payments. Employers that are not required to contribute on a monthly basis under an award or industrial agreement can choose to make quarterly contributions.

SG quarter Date payment due

1 July – 30 September

28 October

1 October – 31 December

28 January

1 January – 31 March

28 April

1 April – 30 June

28 July

*When using KeyPay, you can be reminded to pay your SG contributions via an action notification each due date.

What happens if you miss your SG payments?

If you miss the deadlines, you may have to pay an SG charge. Unfortunately, this charge isn’t tax deductible.

Beam can process the payment of Super Guarantee contributions after the due date however, you will still be liable to pay the superannuation guarantee charge to the ATO.

Find out more about how the ATO deal with missed and late payments.

Reporting tax and super information to the ATO

Single Touch Payroll (STP) allows you to report employees’ payroll information – such as salaries and wages, pay as you go (PAYG) tax and super – to the ATO each time you process your payroll.

The timeframe, reporting systems and concessions available for Single Touch Payroll reporting depend on how many employees you have.

For more information on STP reporting, see the ATO’s website, or find out more about STP reporting with KeyPay.

Paying your employees’ super on time is easy using Beam, accessible now in your payroll system.

Learn more about Beam for employers and KeyPay’s integration with Beam.

 

Disclaimer: this communication is provided by Precision and contains general information only. Any advice does not take into account your personal objectives, financial situation or needs. KeyPay do not provide financial product advice and do not recommend any particular clearing house provider. Beam is issued by Precision Administration Services Pty Ltd (ABN 47 098 977 667, AFSL No. 246 604). Visit www.beamconnect.com.au for more information. Consider the PDS before making a decision. Precision is wholly owned by Sunsuper Pty Ltd ABN 88 010 720 840, AFSL No. 228 975 as Trustee for the Sunsuper Superannuation Fund (ABN 98 503 137 921).



Beam

KeyPay has partnered with Beam to make processing payroll and superannuation simple. Beam is designed to save you time by managing super payments within KeyPay.

You might also like...

Changes to HMRC UK Job Retention Scheme
June 15, 2020

July 1 changes to the UK Coronavirus Job Retention Scheme

HMRC have made changes to the Coronavirus Job Retention Scheme including flexible furloughing from 1 July, and reductions in grants from August 1.
Industry Insights
NZ Holidays Act
May 11, 2020

Understanding the 'NOTS' of the NZ Holidays Act

David Jenkins from NZPPA covers the NOTS of the Holidays Act and where there are areas we can deliver on today to ensure better payroll and leave compliance.
Industry Insights
Marketing tips for restaurants
April 29, 2020

Helping restaurants through COVID-19 | Part 3: Marketing your restaurant's website

Restaurants often overlook the power of marketing and social media for website promotion. This blog post goes through techniques venues can use to drive sales.
Industry Insights
Automation illustration

Not using KeyPay yet?

Try it free for 30 days

Learn more