The end of the financial year is one of the busiest times for business owners as they rush to get their financial affairs in order. At Cbus, we want to make sure you stay on top of your super obligations.
Here are some important deadlines to keep in mind:
16 June 2023 – Superannuation Guarantee (SG) contributions made via an external clearing house
For SG contributions made via an external clearing house, we recommend making payments by 4pm (AEST) 16 June 2023. Each clearing house will have their own timelines and making contributions by this date will ensure they’re allocated this financial year.
23 June 2023 – SG contributions made via the Cbus Clearing House*
SG contribution payments made via the Cbus Clearing House must be made by 4pm (AEST) 23 June 2023 to ensure they’re allocated this financial year.
14 July 2023 – Single Touch Payroll (STP) finalisation declaration
Your Single Touch Payroll (STP) finalisation declaration is due on 14 July 2023. This declaration indicates that you’ve fully reported for the financial year for each employee. Once your declaration is done, the ATO will pre-fill your employees’ income tax return and display the information as ‘tax ready’ in MyGov. For more information, read Finalising your STP data on the ATO website.
If you’re a Cbus employer who needs help with making a payment, please call us on 1300 361 784 between 8am and 8pm AEST.
SG rate will increase to 11%
The superannuation guarantee (SG) rate will increase from 10.5% to 11% on 1 July 2023. The SG rate is the minimum amount of super you’re required to pay, by law, on ordinary time earnings. This increase is in line with the Government’s plan to increase the SG rate to 12% by 2025. For more information, see the ATO’s super guarantee percentage table.
*QuickSuper, Cbus’ Clearing House service is provided by Westpac Banking Corporation ACN 007 457 141 AFSL 233714 for Cbus employers.
This information is general in nature. It doesn’t account for your specific needs. Please look at your objectives and business requirements and seek financial advice before making financial decisions. Read the Employer Handbook, Cbus Super Industry Super Product Disclosure Statement (PDS) and Target Market Determination to decide what’s right for you. Call 1300 361 784 or visit cbussuper.com.au for a copy.
United Super Pty Ltd ABN 46 006 261 623 AFSL 233792 as Trustee for the Construction and Building Unions Superannuation Fund ABN 75 493 363 262 (Cbus and/or Cbus Super)