The ATO is Closely Monitoring your Super Payments !

As you would be aware Single Touch Payroll (STP) was introduced for businesses to report their payroll activity to the ATO when your payroll is processed.

 THE ATO ARE WATCHING

It has come to our attention, through the implementation of Single Touch Payroll (STP), the ATO are very closely monitoring employers abilities to meet their payroll obligations on time e.g. payment of superannuation guarantee.

If you do not pay the Superannuation Guarantee (SG) for your employee into the correct fund by the due date you may be required to pay a Super Guarantee Charge (SGC) and lodge a Superannuation guarantee Charge Statement.

  THE CONSEQUENCES

If you are late to pay or pay in error, the Super Guarantee Charge (SGC) is made up of the following:

•  Superannuation Guarantee shortfall amounts    – when payment is not made on time the SG amount is calculated on all wages & salaries paid to the employee during that period, this includes Overtime, Long Service Leave and Termination Payment
• Interest on the Superannuation Guarantee shortfall amounts     – charged daily until lodgement of the SGC Statement
• A $20 administration fee per employee, per quarter payable to the ATO.

Please ensure you make your payments on time and to the correct fund.

WHEN TO PAY

Superannuation Guarantee payments must be made to employees superfunds by the below due dates, 28 days after the end of each quarter.

Due Dates for Super Payments

As an employer you are able to make payments more regularly than quarterly (i.e. weekly, monthly), as long as your total Superannuation Guarantee obligation for that quarter is paid by the due date.

For more information regarding the SGC Charge please see below links to the ATO Website or the attached information.

SG Late Payments

The Superannuation Guarantee Charge

If you require any assistance with the above, please do not hesitate to call our office on 08 8211 9426 .