13th January 2020

    As you will no doubt be aware, the Australian Taxation Office (ATO) has introduced measures which give it greater visibility of payroll, tax and superannuation payments made by businesses.

    These changes appear to have resulted in more stringent data matching across ATO and other information systems.

    As we recently indicated, we had an example where a client was several days late with their quarterly superannuation payments and this was detected immediately by the ATO. The ATO has now indicated our client will have to lodge a Superannuation Guarantee Charge Statement and report the late superannuation payments.

    Penalties around this could include:

    • Potential penalty of up to 100 per cent of superannuation contribution;
    • 10 per cent interest on superannuation payments, back dated to the beginning of the quarter;
    • Normal tax deduction claims not applicable; and
    • $20 administration fee for each employee.

    Previously, an annual payment summary statement report and monthly or quarterly BAS would have reported overall payments made to employees. With new payroll reporting requirements for employers, the ATO has oversight of every payment made to each individual and the date that payment was made.  Superannuation guarantee payments are therefore easily monitored.

    To avoid penalties, it is extremely important that employee entitlements are paid on time, every time.

    The quarterly super payment due dates for 2020 are:

    • 28th January 2020
    • 28th April 2020
    • 28th July 2020
    • 28th October 2020

    If super is not paid by the relevant date, the Superannuation Guarantee Charge Statement is due by the 28th day of the following month.

    If you need to clarify anything or require our assistance, please do not hesitate to get in touch.

    * This advice is relevant only to those clients who employ staff and make superannuation guarantee payments.

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