If you have workers, don't forget that their super guarantee contributions for the last quarter is due 28 January 2018. If you have not already done so, you need to pay a minimum of 9.5% of each eligible employee’s ordinary time earnings (gross wages) in super to a complying fund by the due date.
Unlike other payment types you may make in business, super contributions are only counted as paid when the super fund receives them. That’s why it’s best to make any payments well before 28 January to ensure they reach the super fund on time.
Employers who fail to pay the minimum superannuation guarantee contributions by this date must pay the superannuation guarantee charge (SGC) and lodge a Superannuation guarantee charge statement - quarterly by 28 February 2018. SGC is not tax deductible.
If you're a business with 19 or fewer employees, or have an aggregated turnover of less than $10 million, you can use the Small Business Superannuation Clearing House to save time and avoid the super guarantee charge.
It’s fast and easy to use because you pay all of your super contributions in one transaction and the clearing house will distribute your payment to the various super funds on your behalf.
Start saving time by using the clearing house this quarter.
For further details please click here.
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