Superannuation Guarantee Charge

Posted on Oct 3, 2013 in AFS Bookkeeping

Superannuation Guarantee Charge

As the September 13 quarter superannuation guarantee payments will be due this month, I thought it would be a good time to get technical and to remind everyone of one of their bookkeeping and payroll obligations to pay the superannuation guarantee liabilities for your employees by the due date (28 October 2013 for September 13 quarter contributions) and to outline the consequences of not paying your superannuation liabilities on time.
Superannuation for employees

In a nutshell, the Superannuation Guarantee Charge (SG Charge) applies when you do not pay your employees superannuation guarantee liabilities by the quarterly deadline (generally the 28th day of the month following the end of the quarter).  There is no ability to obtain an extension of time on these deadlines.  If you do not meet the deadline you must self –assess and pay an SG Charge which consists of a shortfall component (being the amount that you should have paid in superannuation), a nominal interest component, plus an administration component to the ATO by completing and lodging a Superannuation Guarantee Statement (SG Statement).  You should not pay the overdue  amounts directly to the employees superannuation fund.


As Advanced Financial Services is a registered BAS agent we can assist you with calculating the SG Charge and also assist with the preparation of the SG Statement.

Please contact us if you require assistance in this area or if we can assist you with any other bookkeeping and payroll services.

Call Carissa and Shayne today on  (07) 5668 2227