The super guarantee (SG) rate will increase from 10.5% to 11% on 1 July. A reminder to update your payroll systems to align with this change. The new rate will apply to payments made to workers on or after 1 July.
Your contributions for each employee are required to be paid on at least a quarterly basis with the end of each quarter being September, December, March and June.
If you do not pay an employee’s super guarantee (SG) to the right super fund on or before the due date you must:
- lodge a superannuation guarantee charge (SGC) statement
- pay the super guarantee charge.
Late superannuation payments are not tax deductible
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