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Superannuation Guarantee due date for payment – 28 October 2022
Dawson & Partners • Oct 23, 2022
All employers are required to pay and report super guarantee payments electronically to ensure they meet SuperStream requirements. With the introduction of SuperStream it is now easier for the ATO to monitor your payments to ensure they have all been paid on time.
Super guarantee payments must be made by employers to their employees' complying funds by quarterly due dates, which are 28 days after the end of each quarter.
The due dates for each quarter are as follows:
| 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 miss the due date your payment will NOT be tax deductible.
Please note the above due dates in your calendar and ensure all superannuation guarantee payments are made on or before these dates.
Next date for payment:
Period: 1 July 2022 – 30 September 2022
Payment due date: 28 October 2022
If you would like any further information or assistance with complying with your super guarantee obligations please contact us on 1300 885 761.
Christmas 2022
You may have heard about the new rules which require directors of Australian companies to obtain a Director Identification Number (director ID). It is a unique 15-digit identifier that directors apply for once and keep forever. The following provides some useful further information. As a director of my SMSF’s corporate trustee do I need a director ID? The new requirement to obtain a director ID applies to all directors of corporate trustees of an SMSF. The only exclusion applies to a director who has resigned from all director roles during the period 04 April 2021 to 30 November 2022 and has no intention to ever be appointed as a director or alternate director of an Australian or foreign company. How long do I have before I need to get my director ID? Individuals that were a director of any company prior to 1 November 2021 have until 30 November 2022 to get a director ID. This transitional period also applies to newly appointed directors of corporate trustees of an SMSF, provided they were an existing director, of a company, before 1 November 2021. Otherwise, first time directors are now required to have a director ID before they are appointed as director of any company. What is the fastest way to apply for a director ID? With 30 November 2022 fast approaching, we strongly encourage all directors to apply for their director ID now. The fastest way to apply for your director ID is online at abrs.gov.au/directorID . To access the director ID application online, you will use your myGovID to log in to ABRS (Australian Business Registry Services) online. This director ID demonstration video will show you step by step, how to apply for your director ID online. What to do if you do not have a MyGovID already? A myGovID is different to your myGov account. Your myGov account allows you to link to and access online services provided by the ATO, Centrelink, Medicare and more, while myGovID is an app that enables you to prove who you are and to log in to a range of government online services, including myGov. If you do not already have a myGovID you will need to set this up before you can apply for your director ID online. Refer to mygovid.gov.au/setup for more information on setting up a myGovID. You will need to choose your identity strength, noting that ‘standard’ identity strength is the minimum strength required for a director ID. What if I can’t set up myGovID online? Where you are experiencing difficulties setting up your myGovID, the ATO encourages you to contact them on 13 62 50. To speed up the phone application, please have your TFN ready as well as the information listed below, required to verify your identity. If you cannot apply online or over the phone, the ATO will provide you with a paper form to complete. This is the least preferred option and will require you to provide certified copies of your documents to verify your identity. Can we help you get your director ID? You must apply for your director ID yourself, so that the ATO can verify your identity. To verify your identity against your ATO records, once you have logged into ABRS online using myGovID, you'll need your tax file number, your residential address held by the ATO, and information from two of the following documents: bank account details (where your tax refunds or payments are made and received) an ATO notice of assessment a dividend statement a Centrelink payment summary a PAYG payment summary (this is different to your income statement or your PAYG instalment activity statement). How can we help? If you have any questions or would like further information about director IDs, please feel free to give us a call on 1300 885 761, so we can discuss your requirements in more detail. Although we are unable to apply for a director ID on your behalf, we would be more than happy to guide you through the process and where possible, source documents to help you verify your identity with the ATO. For other information, resources, and timely updates relevant to your SMSF, please refer to the SMSF Association’s trustee education platform, SMSF Connect.
Change can be hard, particularly when things seem to be working and the need to do things differently isn't obvious. Switching to eInvoicing will help you to reduce manual data entry, because eInvoices automatically appear in your business software, ready to be checked and paid. eInvoicing doesn't give access to the ATO and it's not a compliance measure. Rather, its aim is to reduce your administration, boost your cashflow and to give you more time to focus on what matters most to you. What is eInvoicing? eInvoicing (or electronic invoicing) is the new way to digitally exchange invoices through your software. eInvoices are not PDF invoices that need to be printed, posted or emailed. eInvoicing allows you to send and receive invoices digitally with other businesses such as your suppliers, contractors or government. It does not apply to business to consumer transactions. Benefits of eInvoicing The benefits of eInvoicing include: more accurate invoices, resulting in less mistakes to chase up and correct, reduced time and costs dealing with manual processes including fixing invoice errors, no more lost invoices - save time by getting the right information to the right contact on time, confidence in the security of the network – less chance of invoice fraud or scams, faster payments, better business decisions, based on correct, real-time financial information. Cost of eInvoicing Most small business accounting software providers are building eInvoicing into their products and some already have it available. It may be free, or it may depend on how many invoices you exchange. Talk to your accounting software provider to find out whether there are additional costs involved. How to start eInvoicing If you use accounting software If you send or receive invoices using accounting software such as MYOB or Xero all you need to do is: Check with your software provider to see if they are eInvoicing enabled. If they are, follow their instructions to get started. If your accounting software can't eInvoice, you can start eInvoicing now by either: adopting an "add-on" eInvoicing product, or switching to another accounting software that can eInvoice. If you use a mix of digital and manual invoicing processes If you use a mixture of digital and manual tools to send and receive your invoices, such as software, email or post, you can may consider going fully digital and using a software provider which provides eInvoicing. If you create invoices manually If you send or receive your business invoices manually on paper or using office software such as Word or Excel, you may: Check the eInvoicing provider list for options, and Purchase accounting software that is eInvoicing enabled. How can we help? If you have any questions or would like further information about eInvoicing, please feel free to give us a call on 1300 885 761 to find out about making the change.