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Businesses that have missed the 29 July due date for quarterly Super Guarantee (SG) contributions need to get these obligations back on track, says the Australian Taxation Office. To do this, you need to lodge a Super Guarantee Charge (SGC) statement and pay the SGC to the ATO by Wednesday 28 August. In a statement, the ATO says: “The SGC statement lets us know of any missed or late SG payments. The SGC amount is paid to the ATO and includes more than the regular super contributions. Unlike on-time SG contributions, you can’t claim a tax deduction for the SGC.” The SGC includes: * SG shortfall (based on salary and wages, not ordinary time earnings) * choice liability (capped at $500) * nominal interest (10% per annum) * administration fee ($20 per employee, per quarter) If you have incurred SGC and are not sure why, you could have made an error. Common errors include: * paying the SG contribution late or not at all * not paying the SG contribution in full * not paying the SG contribution to the right super fund
#accountant #tax #superguarantee |