Friday 26^th April is the end date for satisfying Super Guarantee (SG) super obligations for the March 2024 quarter.

But as super clearing houses may take up to 8 days to pass the money through to the super fund, it means that processing and payment to the clearing house should be made no later than Tuesday 16^th April.

Please note the ATO’s Small Business Clearing House has a much shorter clearance period – read more at https://www.ato.gov.au/businesses-and-organisations/super-for-employers/paying-super-contributions/how-to-pay-super/small-business-superannuation-clearing-house/clearing-house-terms-and-conditions

And please make sure you have been calculating SG super at 11% since it increased on 1^st July 2023.

We take the opportunity to remind you that SG super is payable on all forms of remuneration including:-

• Commissions.
• Bonuses (but see below).
• Directors’ fees and all other forms of remuneration to directors.
• Allowances (except where fully expended).
• Individual contractor paid mainly for their labour.

But excluding the following forms of remuneration:-

• Overtime.
• Reimbursements.
• Unused annual leave on termination.
• Bonuses that are only in respect of overtime.
• Bonuses that are ex-gratia but have nothing to do with hours worked (harder to satisfy than what you might think).
• In respect of employees younger than 18.
• Employees carrying our duties of a private or domestic nature for less than 30 hours in a week (such as nannies).
• On quarterly remuneration greater than $62,270.
• Non-residents performing work for an Australian business outside Australia.

SGC super should never be paid late as late payments attract substantial interest and penalties.  Furthermore, and SG (and BAS) liabilities that remain unreported and unpaid after 3 months automatically become personal debts of directors.

We welcome any question you might have.