The ATO has been following up on late payments of employer Superannuation contributions and issuing a compulsory Super Guarantee Charge (SGC) without warning. Super Funds are automatically advising the ATO of any missed payments, even if they are just 1 day overdue. Read on below for the most common FAQ's.
The Super Guarantee Charge (SGC) is based on the following:
Superannuation Guarantee shortfalls (incl. choice liability calculated on wages/salaries)
10% interest on unpaid amounts
Admin Fees of $20 per employee, per quarter
How Will The ATO Find Out If I Haven't Paid On Time?
Employees can report unpaid Super
Super Funds now report directly to the ATO when a late payment is received
The ATO can conduct internal investigations
How Can I Avoid The Penalties?
Lodge and Pay on time
Allow for payment processing times
We recommend that you pay at least 3 business days before the deadline
What are the Payment Deadlines?
What Happens If I Miss The Deadline?
You will need to lodge an SCG Statement to the ATO
Payment of the contribution will need to be made
Any late fees owing will need to be settled
Are there any further consequences to SGC debts?
Director penalty notices
Garnishee notices
Direction to pay SGC
To make an enquiry or for any further information, please contact our office on 02 4340 2415 or via email - office@beda.com.au