Super guarantee contributions due by 28 July

Disclosure: Lifestyle Wealth Partners Pty Ltd and its advisers are authorised representatives of Fortnum Private Wealth Ltd ABN 54 139 889 535 AFSL 357306. General Advice Warning: Any information on this website is general advice and does not take into account any person's objectives, financial situation or needs. Please consider your own circumstances and consider whether the advice is right for you before making a decision. Always obtain a Product Disclosure Statement (If applicable) to understand the full implications and risks relating to the product and consider the Statement before making any decision about whether to acquire the financial product.

Remember, super guarantee (SG) contributions for your eligible employees are due by 28 July. Follow Ricky’s story below to learn more about your obligations as an employer.

Ricky operates a florist where he hires multiple employees to help manage his business.

He’s updating his accounts and records to start the new financial year right. He knows SG contributions for the quarter ending 30 June are calculated at 10.5% for payments of salary and wages made before 1 July.

Ricky pays his employees’ SG before the due date at the right rate and is confident he has fulfilled his super obligations.

He understands that if he didn’t pay SG by the due date each quarter, he would instead need to pay the super guarantee charge (SGC). The SGC is more than the SG he would have otherwise paid and isn’t tax deductible.

Ricky sees on the ATO’s website that the SG rate increases to 11% from 1 July. He’ll need to calculate his eligible employees’ super contributions at 11% for payments of salary and wages made on or after 1 July. Ricky updates his payroll software so the new rate is applied to salary and wage payments made during the 2023–24 financial year.

Be like Ricky and keep on top of your SG obligations.

Remember, your tax agent can help you with your tax and super obligations.


Last modified: 10 Jul 2023

QC 72998


Like This