REMEMBER: Superannuation payments for the September quarter are due by 26 October 2018.
You need to be aware that the ATO requires the superannuation fund to actually RECEIVE the payment in their account before 26 October – it is not enough to simply have the withdrawal made from your account by this date. If the super is not received by the fund on time, then the payment is then not an allowable tax deduction, and additional penalties can be applied by the ATO.
The difficulty with meeting this due date requirement is that you often have no knowledge of when the payments are actually received by the fund.
If you are using a superannuation clearing house through your payroll software:
You generally have to submit the payment about a week before the due date in order for the funds to make it there on time.
If you are paying through the ATO small business superannuation clearing house:
There are separate rules that deem the payment date to have been met when the ATO receives the payment (rather than the super fund).
Whilst it can become difficult trying to stay on top of these super payment dates, it is becoming increasingly important to do so. As the ATO moves into data matching technologies, it’ll be able to see very quickly if payments are not paid on time. The penalties for not making these payments on time are also likely to increase as the ATO’s compliance team focuses on this area moving into the future.