Super guarantee (SG) super deadline

Wednesday 28th October is the end date for satisfying Super Guarantee (SG) super obligations for the September 2020 quarter.

But beware as some of the clearing houses have a submission and payment deadline well before then.  May be even today!

SG super is payable on all forms of remuneration including:-

  • Commissions.

  • Bonuses (but see below).

  • Directors’ fees and all other forms of remuneration to directors.

  • Allowances (except where fully expended).

  • Contractors paid mainly for their labour.

But excluding the following remuneration:-

  • Overtime.

  • Reimbursements.

  • Unused annual leave on termination.

  • Remuneration of less than $450 in a month.

  • Bonuses that are only in respect of overtime.

  • Bonuses that are ex-gratia but have nothing to do with hours worked (harder to satisfy than what you might think).

  • In respect of employees younger than 18.

  • Employees carrying our duties of a private or domestic nature for less than 30 hours in a week (such as nannies).

  • On quarterly remuneration greater than $57,090.

  • Non-residents performing work for an Australian business outside Australia.

SG super should never be paid late as late payments attract substantial interest and penalties.  Furthermore, and SG (and BAS) liabilities that remain unreported and unpaid after 3 months automatically become personal debts of directors.

The SG rate remains at 9.50%.

So if you haven’t paid your employer super obligations already, we recommend doing so today.

 

At MRS, we will spend today planning for your success.