Recently, a client received a notice from the ATO that they paid their superannuation late last year. Upon review, the ATO was correct. The scary thing, though, is unprecedented when the client employees are family members.
In days gone by, this would only get noticed if an employee would notify the ATO of unpaid superannuation or you have an aggrieved employee wanting to cause trouble.
The advent of Single Touch Payroll (STP) has changed the landscape of audit activity. And now that STP 2 is in, this has made this even more powerful, and you can expect an increase in audit activity by the ATO.
Remember that superannuation payments must be made by the 28th day of the month following the end of the quarter. Failure to do so can involve an administration charge for every late payment to each employee and interest on the late payment. Also, tax deductibility may be affected on late payments.
If you have any questions, please contact Mark or the team at email@example.com or 9923 2959.
“This is general advice only and not to be interpreted as individual advice specific to your situation. Contact us to discuss the best solutions for your needs.”