ATO to work with business who missed or underpaid super

3 November 2020
| By Jassmyn |
image
image
expand image

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.” 

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest developments in Super Review! Anytime, Anywhere!

Grant Banner

From my perspective, 40- 50% of people are likely going to be deeply unhappy about how long they actually live. ...

1 year 4 months ago
Kevin Gorman

Super director remuneration ...

1 year 4 months ago
Anthony Asher

No doubt true, but most of it is still because over 45’s have been upgrading their houses with 30 year mortgages. Money ...

1 year 4 months ago

Future Group is set to take on nearly $1 billion in funds under management (FUM) and welcome more than 100,000 new members following two significant successor fund transf...

2 days 10 hours ago

The International Monetary Fund (IMF) has issued a sobering assessment of the global economic landscape in its latest World Economic Outlook, dramatically revised after D...

2 days 13 hours ago

Growth from the listed company’s key businesses has propelled Generational Development Group to new milestones in the three months to 31 March....

2 days 13 hours ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND