Are you running behind on employee superannuation payments?
If so, you’re in luck.
Kelly O’Dwyer, Minister for Revenue and Financial Services, has just announced a Superannuation Guarantee Amnesty.
If you have missed any employee superannuation payments between 1 July 1992 to 31 March 2018, you now have until May 23, 2019 to declare your shortfall and take steps to pay the missing sum.
If you do this voluntarily you will avoid late payment penalties. You will still have to pay nominal interest but the ATO is letting you off the hook for the administration fees. You can also claim a deduction for catch-up payments made in the 12-month period.
There are a couple of options for payment:
You don’t want to do this!
Single Touch Payroll systems will be rolling out over the next 12 months, depending on the size of your business. When that happens, you will need to report payments such as wages and superannuation information every time you pay your employees. Which means that the ATO will be collecting a lot more data on your business. They will know when you are behind in your payments and high penalties (including jail time) are predicted.
The ATO will continue to go after employers who don’t voluntarily take part in the Amnesty. They have the courts to back them.
Pay up now and you will also avoid being fined 50 percent of the super owed. That doesn’t include the missing superannuation payments themselves, of course.
“The Australian Taxation Office (ATO) estimates that in 2014/15, around $2.85 billion in SG payments went unpaid,” Ms O’Dwyer says. That represents a 5% non-compliance rate. If you’re in that 5%, then now is the time to get on top of your payroll.
Haslam Consulting & Accounting are payroll experts. We know superannuation issues inside and out. If you’re behind on any payroll issues, we’ll help you to fix things up.
Give us a call on 1300 427 526 or contact us here
"We have been using Haslam Consulting and Accounting for over seven years to look after our bookkeeping. We have found their serive to be outstanding on both a professional and cost effective level. Having our accountant do bookkeeping increases their understanding of our business and frees up our time to work on growing the business." Craig Lloyd, Director Craig Lloyd Painting Services
Phone: 1300 427 526
Address: 15 Melway Crescent
HARRISTOWN QLD 4350,
You have 12 months to get your unpaid super in order.
Another year, another Federal Budget! This year brings a lot for small businesses to enjoy, including an extension of the $20,000 instant asset write-off scheme.
Of course, there’s a lot to prepare for. Personal tax cuts mean businesses need to get their payroll in order and there are some key changes to how the R&D offsets work.
So let’s dive into each topic. What are the key takeaways in the 2018–19 Federal Budget for your business?