The Superannuation Guarantee scheme
Underpinned by the statutory superannuation guarantee contribution
A cornerstone of the Government’s superannuation strategy, is the statutory superannuation guarantee contribution. This contribution is the amount,
- prescribed by relevant law,
- requiring contributions by employers,
- on behalf of employees,
- to eligible superannuation funds.
Employer obligation
As an Employer you are aware that you must ensure that –
- your Superannuation Guarantee Contributions and
- any Salary Sacrifice Contributions
- for the June quarter each year, and
- paid before 28 July of the relevant year.
You may not be aware that –
- to claim a deduction in the financial year to which the amount of the relevant superannuation contributions relate,
- payment must be received by the respective superannuation trustees by the relevant 30 June?
Directors of employer companies, must –
- take care to remit the various contributions,
- in a timely fashion.
The penalty for late- or non-remittance is two-fold –
- Firstly, Directors become personally liable for the amount if the company fails to make the payment; and
- The Superannuation Guarantee regulations provide for quite significant financial penalties for late payment.
Superannuation is wealth
Superannuation is a significant wealth pool in Australia – and increasingly becoming the primary asset for most of us engaged in the workforce. Accumulation within superannuation is overtaking the home property as ‘the biggest asset’ held by Australians. Considerable attention is paid to superannuation by governments and regulators. The higher the asset pool becomes, the more likely that these agencies will increase resources to monitor superannuation. Compliance with the regularly-changing regulations has become more important to employers (as well as to trustees of superannuation funds).
Related article(s) within our website Library: Overview of the superannuation guarantee scheme.
Help is available
Continuum Financial Planners Pty Ltd can assist employers with their superannuation needs, particularly as they relate to meeting the statutory superannuation guarantee contribution requirements. Whether at the personal superannuation, or employee group default superannuation scheme level – ‘we listen, we understand; and we have solutions’ to the issues about which you may be concerned. To arrange an appointment to discuss your superannuation needs, please –
- phone our office, on 07-34213456, or
- at your convenience, use the linked Book A Meeting facility.
(This article was originally posted to our website in May 2008. We occasionally update/ refresh it, most recently in May 2025.)
