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Superannuation deadlines, payments, and tax deductions

a woman is putting a $50 note in her back pocket

What is Superannuation?

Superannuation, or super for short, is a way to save for retirement. Employers pay super contributions, via superannuation guarantee (SG). SG is calculated as a percentage of gross wages and is currently set at 10%. From the 1st of July 2022 it will increase to 10.5% and is set to increase to 12% by 2026.

Historically there was a $450 per month earning threshold for paying SG, however, as of the 1st of July 2022 this is being removed. This means that every employee, regardless of how much they are paid, will be entitled to SG.

SG payments are compulsory and must be paid on time by the employer. SG must be paid by the 28th day after the end of the quarter. So, for the September quarter the deadline would be the 28th of October. 

It is worth mentioning that the SG not only has to be paid by that due date but must be physically received by the employees’ super fund by that due date. Therefore, the SG should be paid at least 7 days before the due date to ensure that the funds clear on time. The ATO has been targeting entities that fail to pay SG on time and will hand down heavy penalties if they fail to do so.

Tax Deductions

SG payments are classified as income tax deductions to the employer who pays them. SG payments are not due until 28 days after the end of the quarter, but in some circumstances, there might be a tax advantage to paying them early. 

This is true for the June quarter, where the SG will not be due and payable until the 28th of July, but if paid before the 30th of June, it can be classified as an income tax deduction in the financial year in which it is paid. Do not forget that it must be paid and physically received by the employees’ super fund before the 30th of June to claim the tax deduction.

Please note that this is not something everyone should consider and may not be the best decision for your own circumstances so please make sure you reach out to your accountant before deciding to pay your SG obligations early.

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Perrie Hewitt

Perrie Hewitt

Client Support, Beany Australia

I love to demystify accounting, help people achieve their goals and be the calm voice when it comes to the stressful world of running your own business. Outside of work, I am creative and love to make my own clothes, paint and write short stories.

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