When do I need to pay superannuation?
Employers are required to pay superannuation for their employees at least 4 times per year, by the quarterly due dates. Dues dates for each quarter are set out below:
|Quarter||Period||Payment due date|
|1||1 July – 30 September||28 October|
|2||1 October – 31 December||28 January|
|3||1 January – 31 March||28 April|
|4||1 April – 30 June||28 July|
Read our latest blog – a mini Q & A on Super and Employer Obligations – more here
Deductions you can claim
When completing your tax return, you’re entitled to claim deductions for some expenses, most of which are directly related to earning your income.
To claim a work-related deduction:
- you must have spent the money yourself and weren’t reimbursed
- it must be related to your job
- you must have a record to prove it (there are some limited exceptions).
If the expense was for both work and private purposes, you can only claim a deduction for the work-related portion. Please read more here
The virtue of (salary) sacrifice – Daniel Wong
3 Simple Strategies to Reduce Staff Turnover – Source: Australian Institute of Management:
1. Recognising employee overtime was identified as a crucial element to increase staff retention. Strategies such as reimbursing overtime with time-in-lieu may be adopted.
2. Organisations who made superannuation contributions higher than the 9.5% guarantee, showed better retention rates. The report suggests greater superannuation contributions should be considered.
3. Businesses that have formal Corporate Social Responsibility (CSR) policies in place are more likely to retain staff then businesses that don’t.