Superannuation obviously plays a key role in most Australians’ retirement plans. And with our ageing population where there will be more and more retirees and relatively fewer people of working age, the federal government is quite literally banking on the effectiveness of superannuation to create a generation of self-funded retirees.
That’s why it’s of paramount importance to the government to ensure that employers—who pay their employees’ compulsory superannuation—comply with the requirements.
This means that as an employer you are subject to very strict due dates and incredibly harsh penalties for non-compliance in relation to payment of your employees’ superannuation.
This article will give you a broad overview of the rules regarding timing of super payments and the consequences of late payments but please note it is very important that you seek professional advice and guidance for your specific situation.