The end of financial year is one of the busiest times for business owners as they rush to get their financial affairs in order. Cbus 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, Cbus 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 Cbus on 1300 361 784 between 8am and 8pm AEST.
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.