Some employers are not paying super as and when it’s due by law. With updated ATO information systems, there is now a lot more information about superannuation; who is paying it, how much they are paying, and when it is paid, is all now coming through the ATO.
As a reminder, 9.5% Super is required to be paid by the 28th day after the end of September, December, March, and June each year.
The next Quarter due is the September Quarter, due 28 October 2019. For a business, it is often easier on cash flow to pay super monthly, or even with each pay period, rather than wait for the end of the quarter when you’re often having to pay other taxes.
If you are a business, make sure that you pay your super on time – there will be no more hiding late payments of super – the ATO will know all. And despite business cash flow issues, your super is important too, for your financial future. Assuming it is right for your circumstances, review your future super requirements, speak to your financial planner or speak with Pat Hennessey from Ban Tacs Financial on 0497 011 809.
If you are an employee, make sure your employer is paying your super into your super fund on time, and at least once each quarter, through the year. If you haven’t already, register for online access to your super funds so you can see when payments go in, and make sure your super funds are growing, ready for your retirement.
