The Superannuation Guarantee is still a focus for the ATO and with the amnesty on unpaid superannuation guarantee well and truly over, and the ATO have indicated they will be reviewing their records for evidence of unpaid, underpaid or late paid superannuation guarantee payments.
If you are behind in super payments to employees then now is the time to get organised so you can avoid the review process!
As a refresher, from 1 July 2023, employers are required to contribute 11% of superannuation guarantee on their employees’ ordinary time earnings to their nominated superannuation funds. For most employers, SG payments must be made in full by the quarterly due dates, which is 28 days after the end of each financial quarter. But this may depend on your accounting systems processing time, so don’t leave it to the last minute.
The key to resolving any late super payments or responding to an ATO SG review is to respond quickly. The ATO has advised that they will be more compassionate with payment plans or penalties where taxpayers respond to notices on time or initiate reviews themselves. Being proactive will allow the ATO to see that employers are committed to staying on track.