The super guarantee rate is going up!
The standard rate of 9.5%, which has been in place since 1 July 2014, is finally increasing to 10% starting 1 July 2021, hence for the 2021/2022 financial year employers’ super guarantee contributions will need to be calculated at the new 10% rate. Each financial year thereafter, there will be an increase of .5% until the super guarantee rate will be 12% for the 2025/2026 financial year!
As a caution, and a reminder for employers, mandatory payment dates are the 28th of the month following each quarter’s end:-
Q1 28 October
Q2 28 January
Q3 28 April
Q4 28 July
With single touch payroll itself mandatory for all employers, we expect many would be making superannuation payments in line with STP pay runs for convenience, however if you continue to make quarterly payments of the super guarantee, please ensure the actual payment is made well before the due date. Payments not made on or before the mandatory dates are not tax deductible.
The Australian Taxation Office has recently made employers liable for late payments, even when paid to an online commercial clearing house portal on or before the due date! It is imperative super guarantee payments are received by the fund on or before the due date – some clearing houses other than the ATO can take up to 10 days to process!
For more information about super guarantee or STP reporting CONTACT US now at BSN & Co!