20 May, 2024

Make sure super guarantee contributions are counted in the 2023-24 financial year

As the financial year comes to a close, we have some key dates to mark in your diary. These dates are super important, so don’t forget!

If you use Spirit Super’s clearing house

The file must be submitted and EFT payments made before 4pm AEST Thursday 27 June 2024.

If you use a different clearing house

You may need to allow 3-10 business days for this payment to be sent from your clearing house to Spirit Super. We recommend that you check directly with your clearing house to confirm the processing times for your contributions.

Why is it important to meet super guarantee (SG) cut-off dates?

If contributions aren’t processed into a member’s account by the deadlines, the contributions will cross over to the 2024-25 financial year. Because there are caps on the amount members can contribute each year, any contributions not received by the deadline could possibly have tax implications for them in the 2024-25 financial year.

The SG rate is increasing

Don’t forget, the SG rate will increase on 1 July 2024 from 11% to 11.5%, so make sure you’re ready.

After more?

For more information on when to make SG contributions, or associated charges for late payments, visit the ATO Super for employers page.