Superannuation Guarantee Charge

The Superannuation Guarantee Charge (SGC) is a penalty imposed on employers in Australia who fail to pay the mandatory superannuation contributions for their employees. Superannuation is a form of retirement savings, and the SGC ensures that employers contribute a set percentage of an employee's earnings to their super fund. If an employer does not meet this obligation, they must pay the SGC, which includes the unpaid amount plus interest and an administration fee. This charge helps safeguard employees' financial future by ensuring they receive the retirement savings they are entitled to.