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Superannuation deadlines, payments, and tax deductions

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Navigating the world of superannuation can be complex, but it's crucial for business owners to understand how superannuation works and how it impacts your business. 

In this article, we’ll cover:

  • What’s superannuation and its key deadlines?
  • Tax deductions
  • Super payment and changes

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 11.5%. It is set to increase to 12% by July 2025.

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

For the 2024 year, these are the critical dates you need to remember.

  • Q1 ((1 July – 30 September): Payment due by 28 October
  •   Q2 (1 October – 31 December): Payment due by 28 January
  •   Q3 (1 January – 31 March): Payment due by 28 April
  •   Q4 (1 April – 30 June): Payment due by 28 July

If a due date falls on a weekend or public holiday, the contribution must be received by the fund on or before the next business day. Additionally, some super funds, awards, and contracts may require more frequent payments, so it's crucial for employers to check any contractual obligations to ensure timely payments.

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Tax Deductions

SG payments are classified as income tax deductions to the employer who pays them on time. SG payments paid late won't be tax-deductible to the employer. 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.

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. If you would like to chat to us about it, get in touch with our support team if you’re a client or see claiming deductions for personal super contributions on the ATO’s website.

Super changes from 1st of July 2024

From the 1st of July 2024, there were a few changes business owners should be aware of.

The SG rate increased from 11% to 11.5%, impacting how much employers must contribute to employee super funds.

Also, the concessional contribution cap increased to $30,000, and the non-concessional contribution cap increased to $120,000. These changes are part of a series of incremental increases that will see the SG rate reach 12% by July 2025. 

Staying on top of the deadlines, understanding the payment requirements, and knowing how to maximise tax deductions are key to managing your business effectively. Super can be simple - we're here to help. Get in touch with the team or register today.

Who are Beany?

We’re an online accounting firm that is always right here for you, your accounting pain relief. The most advanced technology lets us work way more closely with you than a normal accountant would. ​We have a dedicated team of certified accountants and a support team to take care of your business no matter where you are, so you can focus on growing your business. We take out the ‘fluff’, break down the barriers and get things done. Looking out for you is what we are all about. Register today.

Sara Tan

Lead Accountant

Passionate about telling stories with numbers and has a deep understanding and appreciation for small businesses, having worked with entrepreneurs throughout her career.

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