If you're a business owner and you manage staff, there's a strong chance your employees are entitled to receive super.
As a result, last weekend's deadline (28th April) for employer super payments may have left you with an unwanted dent in your budget. If this is the case, there are some simple budgeting measures you can put in place to manage these rather large quarterely lump sums.
Setting aside a separate savings bank account to transfer the additional 9% of wages into is easy and will reduce the panic of super payments every quarter. It's as simple as setting up a direct debit so you don't even have to think about it.
You could also look at paying the super monthly to the superfund which could help you better manage the obligation.
There are great benefits to meeting your super obligations on time, and equally great penalties if you miss out.
Most significantly, missing the deadline means your super payments are no longer tax deductible. Even if you pay the right amount of superannuation, but it is a few days late, the ATO rules state that you cannot claim the superannuation deduction. It's a hefty penalty, so it's wise to plan your cashflow in advance.
If you missed the deadline, don't fear - now's the perfect time to organise your budget so that you can make every super payment on time in future. FYI the next deadline is July 28.
The ATO's reference guide for paying super is a handy tool for understanding your superannuation obligations: http://www.ato.gov.au/content/downloads/SPR00147045PayingSuperRef.pdf
