What happens if you miss a payment deadline? - BUSSQ

What happens if you miss a payment deadline?

As an employer, it is important that you fulfil your legal responsibilities regarding your employees superannuation.

You should contact your accountant and discuss the situation with them, as the Super Guarantee Charge (SGC) may apply to your payment. Should you make a late payment to BUSSQ we will accept the contribution and allocate it to the member/s account. 

You may be audited at a later stage by the ATO and they may make you pay the Super Guarantee Charge (SGC). Please see the ATO website for further information on the SGC here.

BUSSQ has a dedicated in-house Arrears team who send out reminders to employers to ensure that they are meeting their SG and award/industrial agreement obligations. We are here to help employers and members.  

SG Legislative Requirements

Under the Super Guarantee (SG) Legislation, employer superannuation contributions must be paid, at a minimum, on a quarterly basis. Payments are due to be paid to a complying super fund by the 28th day of the month following the end of each quarter. Many employers also choose to pay their contributions monthly.

The Superannuation Guarantee (SG) Cut-off dates are:

Quarter  Quarterly payment cut-off date 

Quarter 1: 1 July – 30 September

 28 October

Quarter 2: 1 October – 31 December

28 January 

Quarter 3: 1 January – 31 March

28 April 

Quarter 4: 1 April – 30 June

28 July 

Please note, if you are paying superannuation for your employees under an industrial agreement (eg. Enterprise Bargaining Agreement/EBA), you may be required to remit your contributions on a monthly basis.  

Paying super as per the terms of an industrial agreement differs slightly to federal government legislative requirements. The SG legislation is a minimum requirement and industrial agreements override this, so you must adhere to the terms set out in them. 

BUSSQ recommends that you check the superannuation payment terms of your current industrial agreement to ensure that you remain compliant, as terms can vary between agreements.

Contact a member of our friendly Arrears team if you have any enquiries about making late payments for your employees on 07 3369 1111.