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
Super funds had a “tremendous month” in November, according to new data.
Australia faces a decade of deficits, with the sum of deficits over the next four years expected to overshoot forecasts by $21.8 billion.
APRA has raised an alarm about gaps in how superannuation trustees are managing the risks associated with unlisted assets, after releasing the findings of its latest review.
Compared to how funds were allocated to March this year, industry super funds have slightly decreased their allocation to infrastructure in the six months to September – dropping from 11 per cent to 10.6 per cent, according to the latest APRA data.
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
31.73 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
30.15 3 y p.a(%)
5
DomaCom 4/27 Crombie Avenue Bundall QLD 4217 Australia
26.71 3 y p.a(%)
