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From today, the super guarantee (SG) rate will rise from 9.5% to 10%.
If your small business has employees, you will need to update your payroll and accounting systems to incorporate the increase.
The super rate is scheduled to progressively increase to 12% by July 2025.
On 6 March 2020, the government introduced a super guarantee (SG) amnesty (the amnesty). The amnesty allows employers to disclose and pay previously unpaid super guarantee charge (SGC), including nominal interest, they owe their employees, for quarter(s) starting from 1 July 1992 to 31 March 2018.
Eligible disclosures will not incur the administration component ($20 per employee per quarter) or Part 7 penalty.
In addition, payments of SGC made to the ATO after 24 May 2018 and before 11.59pm on 7 September 2020 will be tax deductible.
Employers who have already disclosed unpaid SGC to the ATO between 24 May 2018 and 6 March 2020 don’t need to apply or lodge again (see Disclosures of unpaid SG between 24 May 2018 and 6 March 2020).
Employers who come forward from 6 March 2020 need to apply for the amnesty by 7 September 2020.
The ATO will continue to conduct reviews and audits to identify employers not paying their employees SG. If we identify these employers before they come forward, they will not be eligible for the benefits of the amnesty. They will also be required to pay:
In addition, payments of the SGC won’t be tax deductible.
Paying super is an important part of being an employer. If you’re not eligible for the amnesty, or you have unpaid super for quarters that are not eligible, you must still lodge an SGC statement.
Information obtained from the ATO Website. Please click here for more information.
The ATO website has loads of information plus the products and tools to help you understand what you need to do for super as an employer.
They have recently published a free online course on Super Guarantee Employer Obligations. It is designed to help employers understand their obligations to pay super for eligible employees.
The course is free and is available on the ATO website. The course takes around 2 hours to complete and will result in the following learning outcomes. You will understand:
Click here to access the free ATO web course.
You can also find out more about Super for Employers by clicking here.
If you have employees, your PAYG withholding payment summary annual report is due today. The report summarises all payments you have made as wages, salaries or other work-related payments.
Contact Us or Book a Chat to organise lodgement.
June quarterly BAS and PAYG is due for lodgement today.
Also, lodge your June quarter superannuation.
Contact Us or Book a Chat to organise lodgement.