Superannuation or super is a government-mandated retirement savings program that covers all eligible employees, including yours. It is calculated from their first day of their employment. Payments must be made by you as the employer at least four times in a year, based on the following quarterly due dates.
Quarterly payment due dates for super payments
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 |
*When a due date falls on a weekend or public holiday, you can make the payment on the next working day.
If you make a mistake like not paying the minimum amount on time and to the correct fund, you may have to lodge a Superannuation guarantee charge statement and pay the superannuation guarantee charge or SGC. Failing to meet your superannuation obligations and non-compliance with Australian superannuation laws can result in penalties from the ATO. Having a bookkeeper with an understanding of superannuation laws ensures all your superannuation obligations are met.
Lodging and payment due dates for your BAS
Your business activity statement or BAS is a mandatory form that’s regularly submitted or lodged to the ATO that shows all your business’ tax obligations. These include taxes such as pay as you go withholding (PAYGW), pay as you go instalments (PAYGI), and fringe benefits tax (FBT), among others. Lodging and paying your BAS must be made at least four times in a year, based on the following quarterly due dates.
Quarterly due dates for lodging and paying your BAS
Quarter | Period | Payment due date* |
1 | July, August & September | 28 October |
2 | October, November & December | 28 February |
3 | January, February & March | 28 April |
4 | April, May & June | 28 July |
*The due date for lodging and paying is displayed on your business activity statement (BAS). If the due date is on a weekend or public holiday, you can lodge your form and pay on the next business day.
Need more time?
If you lodge your quarterly activity statements online, you may qualify for a two week deferral of your activity statement due date. This offer is ongoing and is subject to the following terms and conditions.
Monthly reporting due dates
For your monthly BAS, the due date a month is on the 21st of the next month. If the due date falls on a weekend or public holiday, you are given the next business day to lodge and pay it.
The exact steps required to actually pay your super contributions and BAS obligations can be found here: How to Pay
As you can see from all these due dates and special regulations, it takes a dedicated individual with a trained hand to navigate the many pitfalls in the complex world of bookkeeping. If you are in doubt of your own abilities to keep track of all these due dates, and make all necessary preparations beforehand, then outsourcing these tasks to a registered BAS Agent/Bookkeeper will not only save you time and effort, it will keep you away from costly yet common BAS and GST-related mistakes like the ones listed here. When your business is at stake, it’s not wise to take the risky path of doing your own bookkeeping and taxes. Moreover, bookkeepers actually help small business owners keep afloat by monitoring their cash flow, making sure all possible tax deductions are claimed, all reports are submitted on time, and records are kept up to date to help you keep your business in tip-top shape. References Linked in this Blog:
How to Pay – BAS: https://www.ato.gov.au/business/business-activity-statements-(bas)/how-to-pay-your-bas/ Two week lodgment concession – terms and conditions: https://www.ato.gov.au/general/online-services/in-detail/two-week-lodgment-concession---terms-and-conditions/
Australian Taxation Office (ATO): www.ato.gov.au MYOB Blog: http://myob.com.au/blog