A quick reminder from the ATO
Superannuation contributions for the quarter ending 30 September 2007 must be made to a complying superannuation fund or retirement savings account by 29 October 2007. This means employers have one extra day to make contributions as the usual cut–off date, 28 October 2007, falls on a Sunday.
To be sure they are making the correct contributions, employers must:
- contribute at least 9% of each employee’s earnings base, and
- contribute the total amount owed for the quarter.
Employers also need to remember that:
if insufficient contributions are made, they will have to pay the superannuation guarantee charge. The superannuation guarantee charge must be paid to the ATO by 28 November 2007 and the Superannuation guarantee charge statement – quarterly (NAT 9599) must be lodged, and
the superannuation guarantee charge is not tax deductible.
Next BAS due
