Getting started with Beam: Superannuation Guarantee (SG)
by Beam
|
02/07/2024
There are a few important dates you’ll need to be across. Firstly, have a look at the SG quarterly due dates for payments to your employees. Employers that are not required to contribute on a monthly basis under an award or industrial agreement can choose to make quarterly contributions.
Superannuation Guarantee due dates
SG quarterly deadline dates are listed in the table below.
SG payment periods and due dates
You need to allow for the payment to be sent to and processed by member’s external funds
Direct debit
Funds debited from the nominated account will be sent to nominated superannuation fund/s within five business days, which includes the time it will take for the funds to clear.
EFT
Funds paid by EFT will be sent to your nominated superannuation fund/s within three business days of us receiving both your contribution details and correct payment.
Bpay®
Funds paid by BPay will be sent to your nominated superannuation fund/s within three business days of us receiving both your contribution details and correct payment
Voluntary after-tax contributions
Voluntary after-tax contributions made by your employees need to be sent to the member’s external fund within 28 days of the end of the month in which the deduction from the employee’s salary was made.
Also, processing of payments may be delayed if the member’s external fund doesn’t receive all the information required to process the transaction, or if they don’t receive payment for your contribution. If for any reason, they can’t allocate a contribution to an account, including if they can’t get all the information they need, they will need to return it.
If your organisation fails to pay employee superannuation by the payment due date each quarter, there may be a penalty applicable with the ATO. Please refer to the ATO for specific information relevant to your circumstances.
