Under superannuation guarantee for employees 2016 legislation, the amount payable for 2015/2016 for employees (and some contractors) remains at 9.5% of a worker’s ordinary time earnings. The superannuation contributions are payable by employers on a quarterly basis, on or before the 28th of the month following each quarter end.
To be deductible in the financial year of payment, the June 2016 superannuation payment needs to be made on or before 30 June 2016. Otherwise, superannuation payments are due as follows:
QUARTER DUE DATES
September 28 October
December 28 January
March 28 April
June 28 July
It is essential that employer superannuation payments are made to (and in) the nominated superannuation fund on or before the due date to avoid the administrative burden required in the event that payments are even one day late! Employer superannuation contributions are under the ATO’s scrutiny and timing is an issue.
Employers with fewer than twenty (20) employees who are yet to engage with Superstream and are required to should refer to the relevant news blog in May 2015 archives.