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Paying Superannuation More Frequently

As an employer, paying superannuation for your eligible employees is crucial. It’s not just a legal obligation but also a key part of caring for your team. In Australia, you must pay the Superannuation Guarantee (SG) at least four times a year.

Key Dates to Remember

To keep you on track, here are the due dates for each quarter:

  1. Quarter 1 (1 July – 30 September): Payment due by 28 October, 2023
  2. Quarter 2 (1 October – 31 December): Payment due by 28 January, 2024
  3. Quarter 3 (1 January – 31 March): Payment due by 28 April, 2024
  4. Quarter 4 (1 April – 30 June): Payment due by 28 July, 2024

It’s essential to note that the due date refers to when the superannuation fund receives and processes the contribution—not just when you make the payment. If you use Xero’s automatic super function, plan for at least five working days for the super fund to process the contributions after you initiate payment. Be mindful of potential delays, particularly during busy times like the end of the financial year.

Managing Cash Flow and Budgeting

One way to streamline your superannuation payments is to align them with your payroll cycle. Paying superannuation more frequently, such as with each payroll, can help you manage cash flow and budgeting better. Using Xero Super, you can easily pay super at the same time as you pay wages. This flexibility allows you to fit super payments into your regular workflow, making compliance easier and less stressful.

How We Can Help

At By The Numbers Accounting, we specialise in assisting businesses with payroll and superannuation compliance. Our team can guide you through the process, ensuring your obligations are met promptly and efficiently. Additionally, you can engage us to process your superannuation payments regularly, so you don’t have to worry about it—you can rest assured knowing it’s taken care of. We’re here to help you focus on what you do best—running your business—while we handle the complexities of superannuation.

If you need assistance with payroll or superannuation, don’t hesitate to contact our team. We’re friendly, knowledgeable, and committed to helping you achieve compliance moving forward.

Contact our team today to discover how we can help manage your Superannuation Guarantee Payments more often freeing up cashflow to keep your business agile & growing.