Late super – now what?
Super was due into your employees super funds by 28th July.
Your employee’s super contribution is only considered ‘paid’ on the date it’s received by the super fund. Not the date it’s received by the clearing house.
The expense is no longer tax deductible, super is calculated on all payments to employees (like overtime and allowances), fines are payable to the ATO, interest is payable to the fund for the employee, and directors will be personally chased for the payment.
If you’ve realised you haven’t made the payment on time, submit the statement ASAP to minimise the interest charges you’ll be liable for. Burying your head in the sand and hoping no-one notices could cost you a lot more down the line.
Need help to keep on top of all the deadlines? Ask us to give you a hand.
