26 July 2023

Super Guarantee Requirements

As an employer are you meeting your Super Guarantee requirements? On-Time Payment is Essential

Employers are required to contribute a minimum percentage of an eligible employee's ordinary time earnings (OTE) into the employee’s complying superannuation fund. The minimum percentage for the 2024 financial year rose to 11% as at 1 July 2023 (From 10.5% in FY23).

Super contributions must be made at least quarterly and within 28 days after the end of each quarter.

If you don't pay an employee's superannuation guarantee (SG) for the quarter amount in full, on time and to the right fund, you must pay the ATO’s superannuation guarantee charge (SGC). You must also lodge an SGC statement to the ATO. Please note these rules also apply to business owners (Directors, trustees etc) that have been attributed wages.

Note: the SGC is more than the super you would have otherwise paid to the employee's fund and is also not tax deductible.

If you fail to provide an SGC statement when required you could also be liable for a Part 7 penalty – Superannuation Guarantee (Administration) Act 1992 (SGAA). The maximum penalty is 200% of the SGC.

Late superannuation payments may also attract interest charges and penalties. The ATO can impose penalties for non-compliance, and the amount can vary based on the duration and extent of the non-compliance.

The ATO may also issue director penalties in order to recover any unpaid super or SGC from you personally as a current or former company director. Note: As a director you will remain liable for the unpaid superannuation/SGC even if the business enters liquidation or voluntary administration.

If you have any queries or concerns about your super guarantee requirements or need any assistance with the preparation of your Superannuation guarantee charge, please contact our office.




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