Compliance issues are the requirements set by the Australian Taxation Office regarding accounting and taxation. It is essential that every business owner/ operator is aware of these requirements. Whether your concerns are taxation, accounting, business planning, cashflow and budgeting, or business valuation, you can be rest assured that our staff are available to advise you.
Our complianceservices include:
Preparation of annual accounts
Preparation of periodic management accounts
Book-keeping services
Maintaining PAYG and GST records and associated returns
Employers who do not pay the minimum amount of super guarantee for their employee(s) by the due date may have to pay the super guarantee charge (SGC).
The charge is made up of super guarantee shortfall amounts including any choice liability calculated on your employee’s salary or wages, interest on those amounts (currently 10 per cent) and an administration fee ($20 per employee, per quarter).
Employers must report and rectify the missing payment by lodging an SGC statement by the due date and paying the SGC to the ATO. Employers may be able to use a late payment to reduce the amount of SGC, however, they must still lodge an SGC statement and pay the balance of the SGC to the ATO.
The ATO prioritises the collection of unpaid SGC debts. If an employee reports an employer for unpaid super, the ATO will investigate on their behalf.
Employers must lodge their SGC statement and pay the charge by the due date.
Quarter
Period
Due date
1
1 July – 30 September
28 November
2
1 October – 31 December
28 February
3
1 January – 31 March
28 May
4
1 April – 30 June
28 August
If a due date falls on a weekend or public holiday, the payment can be made the next working day.
Once the statement has been lodged and the SGC is paid, the ATO will transfer the super guarantee shortfall amount and any interest to the employee’s chosen super fund.
