Yesterday the Government confirms extra funding to the ATO to enforce employees are paid their 9.5% Superannuation Guarantee entitlements.
This will involve reviews and audits, and employers who are found to have breached their obligations will be subject up to a 200% penalty plus interest.
“We are also working toward receiving better and timelier data on super guarantee obligations and payments and using predictive analytical techniques. These will enable us to be more targeted and tailored in order to influence employer behaviour and payment of super guarantee,” said a report from the ATO, released yesterday.
Superannuation Guarantee is payable by 28th day after each quarter. If you are an employer and require any assistance with understanding or calculating your obligations, one of our friendly team of professionals at Wardle Partners will be happy to help you. Please call our office on 07 5492 0300.