WARNING to employers : ATO audit activity into payment of employee superannuation

BusinessNewsRisk Management

It is no surprise that the day has come where the ATO has begun matching Single Touch Payroll (STP) information with contributions to superannuation funds.

As a result, they have started contacting employers where they believe payments have not been paid on time, requesting that Superannuation Guarantee Charge (SGC) Statements be lodged. It does not matter if the superannuation has since been paid, the forms are still required and additional fees will be payable.

Any payments under SGC statements (including superannuation, interest and fees) are not tax deductible which makes the penalty even more severe.

If you do not lodge SGC statements within the required time period, it is likely that you will be subject to an audit.

The key takeaways from this development are;

  • Make sure all employee superannuation payments are made on time (by the 28th day after the end of each quarter). Even better, consider paying the superannuation monthly or as part of each pay cycle,
  • If superannuation payments are made late, a SGC statement must be lodged with the ATO, even if the superannuation is later paid

If you’d like to discuss this further, please give us a call on 02 4910 5555 or contact us here.


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