Finance News
Superannuation penalties
09 Aug 2019

Business owners are often very wary of their tax debts and need to get their lodgements in on time. However they are sometimes surprised and unaware that their employee super commitments are arguably more important to get done.

Due to the harsh system that regulates this area, the potential penalties to employers can be significant and legislation can make owners personally liable for these costs.

Employers should take care to ensure they lodge and pay their super commitments on time. Under the new single touch payroll system the ATO will get better real time data than before and will be able to identify those businesses who are not paying on time much quicker than previously. Businesses should also take care to ensure they are paying super on all the appropriate remuneration paid to employees and ensure there are no contractors who should have super paid on their behalf.

If you have concerns about your super commitments, please do not hesitate to contact us.

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