Superannuation Guarantee

Superannuation Guarantee due dates

With the final quarterly Superannuation Guarantee (SG) payment for the year coming up, it’s a good time to review your obligations as an employer. SG payments must be received into the employees’ funds by the due date.

Quarter 1 | July – September | October 28th
Quarter 2 | October – December | January 28th
Quarter 3 | January – March | April 28th
Quarter 4 | April – June | July 28th

When is Superannuation Guarantee considered paid?

The due date for the SG is the 28th day following the end of each calendar quarter. SG is not deemed paid however, until the funds are received by the trustee of the employees’ super fund.

What this means is that you need to allow the right amount of time. Firstly the payment needs to clear your bank account. Then the payment needs to pass to the clearing house and into the trustees’ hands for the employees’ super fund.

How long does it take for SG payments to clear?

SG can take a few days up to a couple of weeks to process depending upon the clearing house you are using. The only exception to this rule is when an employer is using the ATO clearing house. When using the ATO clearing house, SG is deemed paid when received. When an employer is not clear on the time required for payments to clear, they can be left accountable for delays in processing SG contributions, even though it is totally outside their control. So what happens when you get it wrong?

Superannuation Guarantee Charge – Large penalties when you get it wrong.

Getting it wrong can be costly. If you wish to avoid SG Charge and large penalties be very clear on the cut-off date with your clearing house to ensure payments are made on time. Click here for examples of just how much late payments can cost an employer.

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