The ATO has recently changed its stance on unpaid super obligations. Not only has it increased audit activity, but it’s taking a firmer stance on penalties in relation to unpaid obligations
To make sure you stay out of the firing line, we recommend that you:
- Pay your super monthly instead of quarterly
- Submit your super payments through your accounting system before 10th of January, April, July, and October
- Take action on any historical unpaid super amounts that are outstanding
The ATO is honouring the Superannuation amnesty in relation to penalties for self-disclosure. However, it’s unclear as to whether any back payments will be available as a tax deduction.
If you think you have a problem with any of this, contact your accountant or us immediately and we can help you with the process you need to follow. Alternatively, we can undertake those tasks for you.
It is also a good idea to check if your business insurance policy has ATO audit coverage or speak to your accountant to see if they are offering audit insurance. It will not cover you for any penalties, but it may reduce the financial sting.
If you have any questions regarding the above, do not hesitate to call us