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Superannuation is a crucial aspect of any business, and keeping up with the latest updates is vital. In the September 2023 quarter, there are two key changes that you need to be aware of:
1. Superannuation Guarantee Percentage Increase
Starting from 1st July 2023, the Superannuation Guarantee (SG) percentage was raised from 10.5% to 11%. This adjustment affects the rate of superannuation guarantee all ordinary times earnings (OTE) for payments made on or after 1st July 2023 (regardless of when they were accrued). To ensure compliance, it's crucial that your payroll system is configured to reflect this change before finalising and processing the September Quarter Superannuation Guarantee payments.
2. Important Dates for the September 2023 Quarter
A date that demands your attention is the 28th of October 2023. On this day, your superannuation liabilities for the September 2023 quarter must be paid and received by your employees' super funds.
If you pay after the due date, the superannuation payment is no longer tax deductible to the business and further you are also obligated to lodge Superannuation Guarantee Charge Statements with the ATO which include admin fees and shortfall interest charges. These costs are unavoidable and non-refundable on late paid superannuation guarantee payments, making timely payments a non-negotiable responsibility.
We encourage you to stay informed, stay compliant, and ensure that your employer commitments are spot on this quarter.
Stay informed, stay compliant, and ensure a bright financial future for your employees. If you have any questions or need assistance with your superannuation calculations,
we're here to help.
