IT'S TIME.... to lodge and pay your Super Contributions
By 28th April 2021 (Quarter 3 - Jan-March 2021)
SUPERANNUATION: We want you protected and without penalty, and we would like to remind you of your quarterly employee superannuation obligations.
We strongly recommend clients process payments 14 days PRIOR to the DEADLINE date as payments need to clear the super funds to be paid on time.
Please contact us immediately if you have unpaid superannuation liabilities as serious penalties apply.
SUPERSTREAM:
The ATO guidelines set out that superannuation must be paid and reported in a standard format and electronically, ensuring you meet SuperStream requirements, by the quarterly due date. If you don't pay the Superannuation Guarantee (SG) on time, you may have to pay the super guarantee charge, and director penalties may apply for late lodgement / unpaid super liabilities.
HOW TO GET HELP - US, THEM and YOU KNOW WHO (the ATO!):
Of course, for Judy and the team at BalanceWell Bookkeeping, Super is like a walk in the park with a tame labrador on a Sunday - just an easy stroll, and if you need the help of a professional bookkeeper, give us a call - we're here to help.
Some other valuable information and trusted sources are below:-
XERO AUTO SUPER
Xero Auto Super is a Super Stream Certified Product. This is a great product for Xero users, and is available on Xero premium plans. Please contact Judy and the team for enquiries or click here to refer to the Xero Central Support Page for more information.
ATO SMALL BUSINESS CLEARING HOUSE (SBSCG)
The ATO offer a free service you can use if you are a business with 19 or fewer employees, or have an annual aggregated turnover of less than %10 million. You can make your super guarantee (SG) contributions as a single electronic payment to the SBSCH. It will then distribute the payments to each employee's super fund. Easy! To find out more, get in touch, or click here to go to the SBSCG Support Information Page.
THE SUPERANNUATION GUARANTEE CHARGE (SGC): The key due dates for lodgement and payment are:-
September Quarter 28th October
December Quarter 28th January
March Quarter 28th April
June Quarter 28th July
If you don't pay the minimum amount of Superannuation Guarantee (SG) for your employee/s into the correct fund by the due date, you may have to pay the Super Guarantee Charge (SGC). This charge is made up of:-
SG shortfall amounts (including any choice liability calculated on your employee/s salary or wages
Interest on these amounts (currently 10%)
An administration fee of $20 per employee, per quarter.
You report and rectify the missed payment by lodging an SGC Statement by the due date and paying the SGC. If you pay late, you may be able to use the late payment either to offset the SGC or to carry forward as pre-payment of a future contribution for the same employee. You must still lodge an SGC Statement and pay the balance. For more information about The Super Guarantee Charge (SGC) click here to go to the ATO SGC fact sheet.
YOUR TRUSTED PROFESSIONAL BOOKKEEPER - OF COURSE, US!
BalanceWell Bookkeeping specialises in giving you back balance in your life and confidence in your decisions with great bookkeeping. If you would like a confidential discussion, or free data health check, please get in touch today and let us help you.
For more information, please contact Judy on 0431 103 257 or email at judy@balancewell.com.au to arrange an appointment.