POWERED BY MOMENTUM MEDIA
ATO to work with business who missed or underpaid super
The Australian Taxation Office (ATO) is allowing businesses that missed the superannuation guarantee (SG) payments for the 30 September, 2020, quarter to lodge a charge statement to avoid penalties.
The ATO said it acknowledged that the COVID-19 pandemic continued to affect businesses and clients and that some may have missed regular SG payments.
“By law, we can't extend the due date to pay super. If your clients missed the 28 October due date or underpaid the SG for the quarter ended 30 September 2020, to meet their obligations and avoid penalties they must lodge a superannuation guarantee charge statement by 28 November 2020, even if they can't pay in full,” the ATO said.
“We can work with you to set up a payment plan that suits your clients' circumstances.
“It is important to lodge the superannuation guarantee charge statement on time. Significant penalties can apply if a statement isn't lodged by the due date.”
Recommended for you
Jim Chalmers has defended changes to the Future Fund’s mandate, referring to himself as a “big supporter” of the sovereign wealth fund, amid fierce opposition from the Coalition, which has pledged to reverse any changes if it wins next year’s election.
In a new review of the country’s largest fund, a research house says it’s well placed to deliver attractive returns despite challenges.
Chant West analysis suggests super could be well placed to deliver a double-digit result by the end of the calendar year.
Specific valuation decisions made by the $88 billion fund at the beginning of the pandemic were “not adequate for the deteriorating market conditions”, according to the prudential regulator.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Spire Oaktree Opportunities XI Second Close
61.07 3 y p.a(%)
2
Spire Oaktree Opportunities XI First Close USD
59.21 3 y p.a(%)
3
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.56 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
31.06 3 y p.a(%)
5
DomaCom 4/27 Crombie Avenue Bundall QLD 4217 Australia
26.81 3 y p.a(%)
