To avoid additional costs (including the superannuation guarantee charge (SGC)), you must pay the right amount of super for all your eligible employees by the quarterly due date.
| Whether you're paying super weekly, monthly, or quarterly it's important to check that the super guarantee (SG) you pay takes into account changes that started on 1 July 2022.
These were:- the increase in the SG rate from 10% to 10.5%
- the removal of the $450 per month eligibility threshold when paying SG.
| You must have applied these changes to all the salary and wages you paid from 1 July 2022, even if some of the pay period they related to was before 1 July 2022.
All other eligibility requirements for super remain in place. For example, an employee aged under 18 years must still work for you more than 30 hours in a week to be eligible for super.
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What you need to do
| | You need to make sure: | | | - your payroll and accounting systems are up to date and include the recent changes to SG
- you've calculated and paid the right amount of SG for all your eligible employees
- you pay SG amounts in full by the due date.
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You'll have to pay the SGC if your total SG amounts for the period 1 July 2022 to 30 September 2022 aren't received by your employees' super funds by 28 October 2022.
| If you need help meeting your SG obligations, you can contact a registered tax professional for assistance. | | |
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What happens if you don't pay the right amount of Super?
| If you don't meet your SG obligations, you'll have to pay the SGC. You'll need to lodge an SGC statement and pay the SGC to us.
| This will cost you more than paying the correct SG on time. SGC is not tax deductible.
| | You may also have to pay additional penalties or charges. |
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