Ensure your Superannuation payments arrive on time

As an employer, it’s important to check your clearing house processing times to help ensure you meet your super guarantee (SG) payment due dates. Processing times vary, and some clearing houses can take up to 10 days to process payments. The super contributions you make for your employees are only considered ‘paid’ when the super fund receives them, not when your clearing house receives them.


If the super fund receives your payment after the due date, you’ll need to lodge a super guarantee charge (SGC) statement and pay the SGC or penalties may apply.

More information – super payment due dates 

Benefits:

  • Comprehensive Coverage: Protection against audits and reviews related to PAYG, FBT, SG, income tax, and GST.
  • Retrospective Protection: Previously lodged returns are automatically covered.
  • Specialist Fees Included: Covers fees for external specialists (e.g., tax lawyers) engaged during audit responses.
    Optional Service: Participation is entirely optional.

The super guarantee charge (SGC)

This applies when employers don’t pay the minimum amount of super guarantee (SG) for their eligible employees to the correct fund by the due date. The minimum SG is calculated as a percentage of each eligible employee’s earnings (ordinary time earnings) to a complying super fund or retirement savings account (RSA).

  • The SG rate previously was 11%. From 1 July 2024, the rate increases to 11.5%.

Concessional contributions

Concessional contributions are contributions made into your SMSF that are included in the SMSF’s assessable income. These contributions are taxed in your SMSF at a ‘concessional’ rate of 15%, which is often referred to as ‘contributions tax’.

  • From 1 July 2024, the general concessional contributions cap is $30,000 for all individuals regardless of age.

Non-concessional contributions

Non-concessional contributions are contributions made into your SMSF that are not included in the SMSF’s assessable income.

  • From 1 July 2024, the non-concessional contributions cap is $120,000. Members under 75 may be able to make non-concessional contributions of up to 3 times the annual non-concessional contributions cap in a single year.
  • If eligible, when you make contributions greater than the annual cap, you automatically gain access to future year caps. This is known as the ‘bring-forward’ option.