December 2020 quarter superannuation

Your December 2020 quarter superannuation guarantee contribution is due soon

Prepare now for your December 2020 quarter superannuation guarantee (SG) contribution lodgement and payment.

Things to review before finalising the quarterly superannuation lodgement:

• Have you checked for errors such as duplicate pay runs?
• Are all payroll related bank transactions allocated to the correct accounts?
• Have you checked that all payroll categories used this quarter have had super correctly applied or excluded?
• Do you have any salary sacrifice amounts to include?
• Have you checked superannuation accrual reports for accuracy?
• Do you have complete and up-to-date contact details and a super choice form for all employees?
• Have you had to make any termination payments this quarter? If so, check which payroll categories have super calculated or exempted.

Most superannuation clearing houses (including SuperStream compliant software companies) require payment by the 14th of the month to distribute the funds to each employee’s relevant super fund.

If you use the ATO Small business Clearing House (SBSCH), you have until the 28th to lodge and pay.

Checking the figures thoroughly each quarter ensures that you report and pay accurate amounts for each employee. You will also have a more accurate picture of your superannuation liability and be able to plan accordingly.

Penalties for late super can be severe. Superannuation calculations can be difficult if your payroll software is not set-up for correct accruals of superannuation guarantee.

We can help you with a review of your super set-up and the SG accounts used in your accounting software. Contact us today if you need help lodging your December 2020 quarter superannuation guarantee contributions.