Time to Check you Superannuation Payments are Up-To-Date

In many small businesses, when cash-flow is tight, Super Guarantee is forgotten about and not paid to employees superannuation accounts. The ATO are now focusing on Super Guarantee payments and will start to issue penalties for businesses that have unpaid Super Guarantee. 

The ATO disclosed in a recent notice that businesses that disclosed unpaid super & qualified for the Super Guarantee amnesty must pay outstanding amounts or set up a payment plan and meet each ongoing instalment. Businesses that are disqualified from the amnesty will be notified in writing of the quarter they are disqualified for & be charged an administrative fee of $20 per employee per disqualified quarter. 

Due to this, any small businesses with outstanding superannuation payments will start to receive penalties from the ATO. If you have any unpaid super we would advise you to pay it as soon as possible to avoid these penalties. If you need assistance checking whether you have any unpaid super, please get in contact with Sophie to organise a time. 

Also a reminder that tomorrow the 28th of January 2021 is the due date for Superannuation Guarantee payments for October to December 2020. Make sure this is paid by tomorrow to avoid penalties.

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