Superannuation Due Dates 2024 & 2025: Everything You Need to Know
If you’re an Australian business, you should know how essential it is to stay on top of superannuation due dates to meet compliance obligations and ensure your employees’ super contributions are paid on time. Missing the payment due date can result in penalties, including the super guarantee charge and additional administration fees. This blog is your handy guide to the superannuation due dates for 2024. In this article, we’ll explore what key considerations you should make for your business, tips for avoiding common pitfalls when managing super payments, and the specific due dates for super guarantee payments and quarterly deadlines.
Here at Shoebox Books and Tax, we understand that paying your employees’ superannuation contributions can be a complex process, especially when dealing with multiple super funds and different due dates. Don’t stress, because we have you covered! To help you stay organised and compliant, we’ll provide you with a comprehensive guide on important super guarantee payments deadlines and best practices for staying on track.
Superannuation Due Dates for 2024 & 2025
Superannuation contributions are typically paid on a quarterly basis, with quarterly due dates on the 28th of the month following each quarter. Below are the key quarterly super payment deadlines for remaining for 2024:
- 1 July – 30 September 2024: due date is 28 October 2024
- 1 October – 31 December 2024: due date is 28 January 2025
Below are the key quarterly super payment deadlines for 2025:
- 1 January – 31 March 2025: due date is 28 April 2025
- 1 April – 30 June 2025: due date is 28 July 2025
- 1 July – 30 September 2025: due date is 28 October 2025
- 1 October – 31 December 2025: due date is 28 January 2026
What Is Superannuation and Why Are Due Dates Important?
Superannuation is a system where employers must contribute to their employees’ retirement funds. Employers are obligated to provide eligible employees with a choice of super funds upon starting employment. These contributions, also known as super guarantee (SG) payments, are a percentage of the employee’s salary that must be paid to their nominated super fund by specific due dates throughout the year. Effective from 1 July 2024, the current rate for super guarantee contributions in Australia is 11.5% of the employee’s salary. This will increase till 12% on 1 July 2025.
If you’re unfamiliar with the basics of superannuation contributions and taxes, we recommend reading our detailed guide here to gain a better understanding.
Paying your employees’ super contributions by the super due dates is crucial, as missing the deadline can result in penalties and additional fees. The Australian Taxation Office (ATO) enforces strict deadlines, and if super payments are paid late, employers may be subject to the super guarantee charge (SGC), which includes interest and administration fees. Additionally, failing to report superannuation contributions correctly can lead to compliance issues.
What Happens if the Due Date Falls on a Weekend or Public Holiday?
In cases where a superannuation due date falls on a weekend or public holiday, the ATO allows employers to make super payments by the next business day without penalty. For example, if the due date for super contributions is 28 January 2025, and that date falls on a public holiday, then your super payments can be made on the following business day.
Key Considerations for Paying Superannuation
When organising super contribution payments, it’s important to plan properly with detail and attention. Here are six key superannuation date considerations to keep in mind:
- Correct Super Contributions
Ensure you calculate the correct amount of super guarantee contributions for each employee’s salary, and pay them to a complying super fund. - Superannuation Standard Choice Form
Provide new employees with a superannuation standard choice form to select their preferred super fund. This ensures you’re making the right payments to the employee’s chosen super fund. - Super Payments to Multiple Funds
Make sure you manage the payments of employees with multiple super funds efficiently.
If you have employees with multiple super funds, make sure to manage the payments efficiently by using the Superannuation Clearing House. This government-run free online service streamlines submissions of payments and super records to various super funds simultaneously, ensuring each employee’s super contribution is sent to the correct fund on time. - Reporting Super Contributions
It’s important to report your super contributions electronically to the ATO to comply with the SuperStream standards. Failure to report correctly could result in additional fees and penalties. - Contractual Obligations
Consider if there may be specific contractual obligations to pay super above the super guarantee rate for some employees who are employed under certain contracts. - Avoid Late Payments
Late super payments will result in the super guarantee charge (SGC). This charge includes a nasty interest and an administration fee and will increase your overall costs. To avoid this inconvenience, always plan ahead and ensure payments are made before the payment due dates.
What Are the Penalties for Late Super Payments?
If your super guarantee payments are paid late, you may have to face penalties which include:
- Super Guarantee Charge (SGC): This is imposed on employers who fail to meet their superannuation contributions obligations. The SGC includes the unpaid super amount, interest, and an administration fee.
- Administrative Fees: These are added to the SGC and can significantly increase your costs.
- Additional Interest: Late payments may accrue interest, adding further costs to your business.
Superannuation Guarantee and Tax Benefits
When you pay super guarantee contributions on time, you not only avoid penalties but also potentially receive tax benefits! Contributions made to a complying super fund may be tax-deductible and, therefore, improve your business’s financial situation. Alongside this, you are benefitting your employees by allowing them to receive super contributions on time, leading to capital growth in their retirement savings.
The Role of Shoebox Books and Managing Superannuation
At Shoebox Books and Tax, we understand that managing superannuation obligations can be time-consuming and complex. Our team is here to assist with the following:
- Super Guarantee Compliance: We ensure that your super guarantee contributions are calculated correctly and paid on time to avoid penalties.
- Superannuation Payment Support: We can assist you in making super payments and ensure that payments are made to the right super funds.
- Reporting Super Contributions: We handle the electronic reporting of your super contributions to ensure you stay compliant with ATO regulations.
- Due Date Reminders: We’ll keep you informed of upcoming payment due dates and help you manage your cash flow accordingly.
Managing your superannuation guarantee contributions whilst ensuring timely payments can be very challenging for small businesses. By working with trusted professionals like Shoebox Books and Tax, we will take care of the complicated matters so you can meet your obligations and avoid unnecessary penalties.
Staying compliant with superannuation laws is crucial, so let us help you manage your super contributions so you can focus on what you do best—running your business. Our services include bookkeeping, payroll management, and other tax and accounting services.
For more information on the basics of superannuation, be sure to read our blog on superannuation contributions and taxes. For personalised support with advice on managing superannuation and taxes, Contact Us today.