Have you paid your employees’ super guarantee?

July 2024

The next quarterly due date for SG contributions is 28 July. However, as this falls on a weekend, the super fund must receive your payment by Monday 29 July. Remember to make your payment in full, on time and to the right fund.

If you don’t pay your SG contributions by the due date each quarter, you’ll need to pay the super guarantee charge. This is more than the SG contribution amount and you can’t claim it as a tax deduction.

From 1 July, the SG rate increased to 11.5%, so make sure the payments you make for eligible workers on or after 1 July reflect the new rate.

For the quarter ending 30  June, the 11% SG rate applied to payments you made before 1 July. The SG rate will progressively increase to 12% by July 2025.

If you need help to work out how much super you need to pay for your employees and eligible contractors after 1 July:

Ref: ATO website

Please contact Wiselink Accountants if you require further information

Lily Zhang is the founder and principal accountant of Wiselink Accountants, a CPA-qualified accounting and tax agency based in Melbourne (Camberwell) and Brisbane (Eight Mile Plains). With more than 10 years of experience in Australian taxation and business advisory, Lily has helped over 500 small businesses, sole traders and individual taxpayers across both cities. She is a member of CPA Australia and the National Tax & Accountants' Association (NTAA), and Wiselink is a registered tax agent and ASIC-registered agent, as well as a Xero, MYOB and QuickBooks Partner. Lily works in both English and Mandarin, and writes regularly on Australian tax, EOFY planning, payroll, superannuation, SMSF and small-business strategy.

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