What is Superannuation Gaurentee?
Superannuation Gaurentee is the requirement of the employer to pay 9.5% superannuation into the employees nominated superannuation fund.
Superannuation guarentee is calculated as 9.5% of ordinary times earnings. It is payable by the 28th day of the month after the end of a financail quarter.
Penalties of late payment?
There are significant penatlies for non payment and late payment of super. These include
1. No tax deduction for the amounts paid late
2. Late interest payable to the superfund
3. General interest charges payable to the ATO
4. Administration charges for the management of the late payment by the ATO
5. Other penalties as decided in any ATO audit/review.
How we can help
As you can see the lodgement and payment of superannuation on time is an important one. Jeffkins Accountancy - Melton small business advisors are experts in assisting small business meet there obligations. If you would like help or to discuss your employer obligations please contact our offices.