𝐘𝐞𝐬, 𝐈’𝐦 𝐬𝐚𝐲𝐢𝐧𝐠 𝐩𝐚𝐲 𝐢𝐭 𝐭𝐨𝐝𝐚𝐲 (𝟐𝟏𝐬𝐭 𝐉𝐚𝐧). 𝐒𝐮𝐩𝐞𝐫𝐚𝐧𝐧𝐮𝐚𝐭𝐢𝐨𝐧 𝐢𝐬 𝐧𝐨𝐭 𝐭𝐚𝐱 𝐝𝐞𝐝𝐮𝐜𝐭𝐢𝐛𝐥𝐞 𝐢𝐟 𝐢𝐭 𝐢𝐬 𝐧𝐨𝐭 𝐩𝐚𝐢𝐝 𝐛𝐲 𝐭𝐡𝐞 𝐝𝐮𝐞 𝐝𝐚𝐭𝐞 𝐟𝐨𝐫 𝐭𝐡𝐞 𝐃𝐞𝐜𝐞𝐦𝐛𝐞𝐫 𝟐𝟎𝟐𝟒 𝐪𝐮𝐚𝐫𝐭𝐞𝐫, 𝐰𝐡𝐢𝐜𝐡 𝐢𝐬 𝟐𝟖 𝐉𝐚𝐧𝐮𝐚𝐫𝐲 𝟐𝟎𝟐𝟓.

Further reading of the legislation states that the employee's superannuation fund must receive the payment by 28 January 2025. If, like most of my clients, you use the Xero Clearinghouse to pay superannuation, the transfer process can take almost a week to complete.

This is why you should 𝐩𝐚𝐲 𝐲𝐨𝐮𝐫 𝐬𝐮𝐩𝐞𝐫𝐚𝐧𝐧𝐮𝐚𝐭𝐢𝐨𝐧 𝐭𝐨𝐝𝐚𝐲—a full week before the due date.

If you do not pay superannuation by 28 January 2025, you must prepare and lodge a 𝐒𝐮𝐩𝐞𝐫𝐚𝐧𝐧𝐮𝐚𝐭𝐢𝐨𝐧 𝐆𝐮𝐚𝐫𝐚𝐧𝐭𝐞𝐞 𝐂𝐡𝐚𝐫𝐠𝐞 (𝐒𝐆𝐂) 𝐒𝐭𝐚𝐭𝐞𝐦𝐞𝐧𝐭 𝐛𝐲 𝟐𝟖 𝐅𝐞𝐛𝐫𝐮𝐚𝐫𝐲 𝟐𝟎𝟐𝟓.

𝐇𝐞𝐫𝐞’𝐬 𝐰𝐡𝐚𝐭 𝐡𝐚𝐩𝐩𝐞𝐧𝐬 𝐢𝐟 𝐲𝐨𝐮 𝐩𝐚𝐲 𝐥𝐚𝐭𝐞:
▪️ Superannuation is no longer tax deductible.
▪️ You’ll be charged an additional 10% interest on the overdue amount, backdated to 1 October 2024.
▪️ A $20 administration fee per employee is applied.

The SGC statement is lodged with the ATO, and all superannuation payments for that quarter must then be made directly to the ATO. Even if you pay the superannuation after 28 January 2025, the ATO may require you to complete an SGC statement. This happened to one of my clients, so it’s important to avoid the hassle altogether.

Beyond the legalities, the right thing to do is to look after your employees. Superannuation is part of their remuneration, and paying it on time shows that you value them.

“𝐇𝐚𝐩𝐩𝐲 𝐬𝐭𝐚𝐟𝐟, 𝐬𝐮𝐜𝐜𝐞𝐬𝐬𝐟𝐮𝐥 𝐩𝐚𝐭𝐡.”