All workers must have Super Guarantee paid on their wages. There are only limited exceptions i.e. employees U18 who work less than 30 hours per week.
The current rate of SG from 1 July 2024 is 11.5% of Ordinary Times Earnings (OTE).
If you have not paid your employee’s SG into their nominated super fund by the due date each quarter, you will need to lodge a Super Guarantee Charge (SGC) statement with the ATO and pay the Super Guarantee Charge.
The Super Guarantee Charge consists of the following amounts:
- SG calculated on total Salary & Wages (not OTE). This will include any overtime.
- Nominal interest of 10% p.a which accrues from the start of the quarter.
- Admin fee of $20 per employee, per quarter
There are a number of options to lodge the SGC Statement:
- Complete the SGC statement in ATO Online Services or
- Use the SGC calculator in ATO Online Services or
- Use the SGC statement & calculator tool and mail a printed copy to the ATO
The ATO has an online Short course ‘Super guarantee employee obligations’ aimed at small business that provides a more detailed guide.
https://smallbusiness.taxsuperandyou.gov.au/super-guarantee-employer-obligations
Cambrian Hill Accounting can assist with the lodgement of your SGC form and setting up processes to ensure your super is paid on time going forward.