Superannuation Guarantee (SG) is a legislated super contribution that employers must make on behalf of their employees. There are few things to know about SG:
- SG only applies to employees, so if you’re self-employed, you don’t need to make any payments for yourself
- SG applies to all types of employees: casual, part-time and full-time
- SG also applies to Director Fees and some Contractors
- SG is 11% (2024 Financial Year rate) of Ordinary Time Earnings, being regular Salary/Wages and some allowances
- SG must be paid quarterly, within 28 days after the end of each Quarter:
- Quarter ending 31 March requires payment by 28 April
- Quarter ending 30 June requires payment by 28 July
- Quarter ending 30 September requires payment by 28 October
- Quarter ending 31 December requires payment by 28 January
- You can pay Super directly to the funds using their internal reporting, or use a Clearing House, such as ATO’s own Small Business Superannuation Clearing House
- If you miss the deadline, or short-pay your employees, you fall into Superannuation Guarantee Charge (SGC) regime. This means that you must make a SGC report for the Quarter and make the payment to ATO instead of the funds. SGC payment is also non-deductible
BTMH looks after Superannuation Guarantee for all our payroll customers. Contact us if you wish to discuss your requirements or obtain a quote.
