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 and your clients must pay SG at least four times a year by the quarterly due dates.

·   If you and your clients don’t pay SG on time, a fine must be paid.

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 and your clients miss SG payments?

If you and your clients miss the deadline, an SG charge must be paid. Unfortunately, this charge isn’t tax deductible.

Beam can process the payment of Super Guarantee contributions after the due date however, you and your clients 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 and your clients 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).
The information in this article is current as at 15 June 2022, and has been prepared by Webscale Pty Ltd (ABN 70-154-693-955) and its related bodies corporate (KeyPay). The views expressed in this article are general information only, are provided in good faith to assist employers and their employees, and should not be relied on as professional advice. The Information is based on data supplied by third parties. While such data is believed to be accurate, it has not been independently verified and no warranties are given that it is complete, accurate, up to date or fit for the purpose for which it is required. KeyPay does not accept responsibility for any inaccuracy in such data and is not liable for any loss or damages arising either directly or indirectly as a result of reliance on, use of or inability to use any information provided in this article. You should undertake your own research and to seek professional advice before making any decisions or relying on the information in this article.
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.

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