- On-time super payments are generally tax-deductible* – a plus for you and your business.
- Pay late you and you may have to pay the SG charge. The SG charge is made up of what you owe in super guarantee payments, interest on those amounts (currently 10%) and a $20 admin fee per employee, per quarter. It’s not tax deductible.
- Know you’re doing the right thing by your employees. Paying super on time means you’re keeping up with your obligations as a business to your employees.
(there’s a fourth benefit we wanted to sneak in which is that paying on time just means you keep on top of things as far as your business is concerned. So that’s one for peace of mind.)
*Remember, contributions can only be claimed as a tax deduction in the year the contribution was made. Contributions for employees that are 75 and over must be paid by the quarterly due date for the contribution to be deductible