Employers can expect a renewed focus from the ATO on superannuation guarantee (SG) payments made to employees.
With the SG rate increasing from 9.25% to 9.5% on 1 July 2014, employers will need to make sure that payments are made on time and that the calculations are accurate.
Just be aware that the increase in SG should not necessarily reduce the take home pay of employees.
In many cases employee contracts are ‘base plus superannuation’. In this case, the employer absorbs the increased SG rate not the employee.
The June 2014 SG must be paid no later than 28 July.
Refer to the ATO website for your options when you are late paying your quarterly SG liability.