PAY YOUR SUPERANNUATION OBLIGATIONS!

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There has been a lot of speculation in regard to superannuation amnesty in the last 12 months.

I know as Accountants we sound like a broken record, but the reality is that the ATO is working closely with the Federal Government to crack down on employer non-compliance.

Employers should be aware that making late superannuation payments could have far-ranging consequences and is not limited to late payment as a non-deductible expense for the business.

The Charge on late payment is as follows:

  • Interest on unpaid Super currently 10%

  • An administration fee of $20 per employee

The ATO is authorised to hold Directors liable for any unpaid super guarantee charges or issue a garnishee notice.

There are instances where the ATO target the Director who has a DEEP POCKET.

Please note:- Superannuation payment dates for each quarter are as follows:

   Quarter 1 (1 July to 30 September) due on 28 October

   Quarter 2 (1 October to 31 December) due on 28 January

   Quarter 3 (1 January to 31 March) due on 28 April

   Quarter 4 (1 April to 30 June) due 28 July  

Look out for our post next week which will be about ATO data matching of super.