On 18th September 2019 the Assistant Treasurer and Minister for Housing, the Honourable Michael Sukkar MP announced the proposed Superannuation Guarantee (SG) Amnesty and re-introduced the associated legislation into Parliament.
If you are behind in keeping up to date with your SG commitments to your employees there may be a short reprieve on the penalties.
Under existing law, if you have missed a payment or haven’t paid an employee’s super on time, you are required to lodge a super guarantee charge statement and pay the SG charge on any SG shortfall amounts.
If you don’t pay the minimum amount of SG for your employees into the correct fund by the due date the super guarantee charge that you have to pay is not tax deductible!
The charge is made up of;
- SG shortfall amounts (including any choice liability calculated on your employee’s salary or wages);
- interest on those amounts (currently 10%); and
- an administration fee of $20 per employee, per quarter.
Until the proposed amnesty law is enacted by Parliament the ATO will continue to apply the existing law to the SGC statements you lodge with them.
Our advice is to do the right thing by your Team and make a voluntary disclosure, work out a repayment plan with the ATO and remove this stress from your life.
If you have any further questions about the SG Contributions or SG Amnesty give us a call on (03) 5561 2643, email email@example.com or pop into our office at 25 Banyan Street, Warrnambool.
Business Development Specialist - Ceebeks Business Solutions for GOOD
I love business and the ability to change peoples lives through them!
At Ceebeks Business Solutions for GOOD, we get up every morning to positively impact young families in business by making their businesses REALLY work so that we all make an even bigger impact together. The rewards that bring allow our team ('the fantastic five') to make small but powerful contributions to impact our local community, our country and the lives of those less fortunate around the world.
You see, something quite remarkable happens when we work together, for example, the gift of water is made when we prepare a tax return, the gift of a goat is provided when we help a new business start-up, the gift of shelter is forwarded when we organise a home loan. When we work together, we actually change the world!
I am a business development specialist with over 36 years experience, a CPA, an authorised representative of MyPlanner Ltd and a credit representative of Outsource Financial Pty Ltd. I have recently co-authored an International Best-Selling Book 'Legacy - The Sustainable Development Goals in Action' and am about to publish my first book - 'Chasing the Dream! - How to Grow a Business in these Amazing Times', host a daily blog/vlog on our small business Facebook community group page 'Chasing the Dream, and with our Team run a monthly event for small business owners called 'The Chasers Meet-Up', where a guest speaker presents a topic and tips and strategies are openly shared.
In 2015, our business won the Change GPS International Member Firm of the Year and in that same year, I was a founding member of the Global Accounting Movement - Accountants for Good. We were recognised in 2016 by Steve Pipe in his international publication - The World's Most Inspiring Accountants and Featured in "The LinkedIn PlayBook" by world-renowned social media strategist and consultant, Adam Houlahan. In 2017, we were in the Top 25 Most Popular Accounting and Tax Services Award for search4accountants, B1G1 Business for Good Top 100 Giving Businesses in the World and a Semi-Finalist in the 2017 Victorian Regional Achievement and Community Awards. In 2018, we were an Australian Accounting Awards Finalist in "Community Engagement Program of the Year", a Semi-Finalist in the Victorian Regional Achievement and Community Awards 'South West TAFE & Deakin University South West Regional Achiever Award', a Nominee in the Victorian Regional Achievement and Community Awards 'Regional Development Victoria Business Achiever Award', and featured in the Top 25 Most Popular Accounting and Tax Services Award by search4accountants.