Prepare now for your quarterly superannuation guarantee (SG) contribution lodgement.
Most superannuation clearing houses (including SuperStream compliant software companies) require payment by the 21st of the month in order to distribute the funds to the relevant super funds for each employee. If you use the ATO Small business Clearing House (SBSCH) you have until the 28th to lodge and pay.
July is a good time to review all payroll transactions for the financial year. You may have already done this as part of the annual payment summary process.
Here’s what you need to review:
- Have you allocated all payroll related bank transactions to the correct accounts?
- Have you checked for errors such as duplicate pay runs?
- Have you checked that all payroll categories used this quarter have had super correctly applied or excluded?
- Have you checked superannuation accrual reports for accuracy?
- Do you have any salary sacrifice amounts to include?
- Have you had to make any termination payments this quarter? If so, check which payroll categories should have super calculated or exempted.
- Do you have complete and up-to-date contact details and a super choice form for all employees?
- If new employees have not provided super choice details, have you checked with the ATO for stapled super fund details you can pay into?
Checking the figures thoroughly each quarter ensures that you report and pay accurate amounts for each employee. You will also have a more accurate picture of your superannuation liability and be able to plan accordingly.
REMEMBER: To make your payments on time to avoid penalties.
Superannuation calculations can be difficult if your payroll software is not set up for correct accruals. Talk to us. We can help review your super setup and the SG accounts used in your accounting software.
The team at EMspire Advisory are trusted, qualified Chartered Accountants, tax agents, and small business accountants. We work closely with our clients to achieve the best possible outcomes. To find out more, please contact us!
Please note that this information is not specific and is general in nature and cannot be relied on as advice. Please contact us for advice specific to you and your circumstances.