The most recent Employer Quarterly Super Contribution was due to be paid on 28 January 2023. Employees will be checking to ensure their employer has paid super by this date as missing or late superannuation payments can have a significant impact on the long term growth of one’s super balance.

A report from Industry Super Funds found that unpaid super impacts more than one quarter of the Australian workforce, costing each affected worker an average of $1,700 per year. This results in a projected loss of $60,000  on average at retirement for affected workers.

Accordingly, employers need to ensure that payments are made on time to avoid paying the Super Guarantee Charge which is very costly with fines and interest.

Get in touch with your advisor if you have queries with your superannuation.