As an employer, are you sure you paid all of your super contributions by the due date?
It’s important that you check on this. And not just that they have been paid, but were they paid late?
If they were paid late you are liable for what is called the Super Guarantee Charge. This is an extra charge on top of your super.
You are required to lodge an SGC Statement for each time your super contributions were paid late. These are the steps to follow:
Check if your super payments were made by the due dates,
It’s not enough to have simply paid the super for each employee…
It must have been paid by the due date, 28 days after the end of each quarter.
For every quarter where it was paid late, this triggers a SG Charge (SGC)
You are required to complete a SGC Statement and lodge it with the ATO
For each and every quarter it was paid late.
Under the Super Amnesty, you will not be charged penalties, or the standard Administration Charge of $20 per employee per quarter.
- You will also be able to claim a tax deduction for the payment
- These are not normally deductible.
Once the Super Amnesty is over, if employers are caught by the ATO, the benefits of the Amnesty no longer apply. That means:
- You will be hit with penalties of 200%, plus the admin fees, of $20 per employee, per quarter,
- You will not be allowed to claim a tax deduction.
The Super Amnesty Pack from latesuper.com.au has all the information you need to help you get through this task.
- It includes checklists, workpapers and templates. It also contains comprehensive worked examples. Together with a Board Presentation paper, to give to your fellow directors.
Let me know if you need a hand, this is an area we can assist with.
Peter