Paying superannuation to your employees is an important part of being an employer.
If you miss a payment, super guarantee charge (SGC) may apply, and you will need to lodge an SGC statement the following month.
SGC is non-deductible, made up of:
- super guarantee (SG) shortfall
- interest on the shortfall (currently 10% pa)
- an administration fee of $20 per employee per quarter.
Even if you pay SG at a later date, SGC may still apply. However, you can use the late payment to either offset the SGC or carry it forward as a prepayment of a future contribution for the same employee.
If you think you may be at risk of getting behind with SG payments, contact the ATO as soon as possible so we can work with you to get you back on track.
See the ATO website for more information:
https://www.ato.gov.au/Newsroom/smallbusiness/Super/Behind-with-your-super-payments-/