Super Payment Dates 2024: What You Need to Know
As we approach 2024, it’s crucial for employers and employees in Australia to stay informed about the superannuation (super) payment dates. Proper knowledge of these dates ensures that contributions are made on time, helping to secure a financially stable retirement for employees. Let’s break down everything you need to know about super payment dates for the upcoming year.
Super is due to be paid monthly or quarterly, by 28th of the following month. If the due date is on a Saturday, Sunday or public holiday, making payments on the following business day is possible. As an employer you must make Superannuation Guarantee (SG) payments by the due date to avoid a government penalty.
What is Superannuation?
Superannuation is a mandatory savings scheme designed to help Australians save for retirement. Employers are required to make regular contributions to their employees’ super funds, which are then invested to grow over time. The Superannuation Guarantee (SG) is the minimum percentage of an employee’s earnings that employers must contribute, which will increase to 12% in 2025.
Key Super Payment Dates for 2024
Quarterly Payment Dates
For the year 2024, employers must make super contributions on behalf of their employees by the following quarterly deadlines:
- Quarter 1: By 28 October 2024 for the period from 1 July to 30 September 2024.
- Quarter 2: By 28 January 2025 for the period from 1 October to 31 December 2024.
- Quarter 3: By 28 April 2025 for the period from 1 January to 31 March 2025.
- Quarter 4: By 28 July 2025 for the period from 1 April to 30 June 2025.
Additional Considerations
- Contribution Methods: Super contributions can be made through various methods, including electronic funds transfer (EFT), payroll systems, or directly through the super fund. Ensure you choose the method that aligns best with your business practices.
- Record Keeping: It’s important to maintain accurate records of super contributions. This includes tracking the amounts paid, the employees’ details, and the dates of payment. Proper documentation can prevent disputes and ensure compliance.
- Underpayment and Penalties: Failing to pay super contributions by the due dates can result in penalties. The Australian Taxation Office (ATO) may impose a Superannuation Guarantee Charge, which can be a costly oversight.
Why Timely Super Payments Matter
- Employee Trust: Timely super payments help build trust between employers and employees. It shows that you value their future and are committed to their financial well-being.
- Legal Compliance: Adhering to super payment deadlines is not just good practice; it’s a legal requirement. Non-compliance can lead to hefty fines and legal issues.
- Financial Growth: The sooner super contributions are made, the more time the funds have to grow through investments. This can significantly impact an employee’s retirement savings.