POWERED BY MOMENTUM MEDIA
Directors held liable for missing super guarantee contributions
Company directors will be personally liable for super guarantee contributions (SGC) that do not reach the member's nominated super fund on time, the Australian Taxation Office (ATO) has announced.
The ATO said companies had until 28 November to ensure super guarantee obligations were up-to-date for the June quarter - or directors could risk having to front the charge themselves.
Tax commissioner Michael D'Ascenzo said the move was designed to ensnare employers who were trying to avoid their superannuation obligations.
"These new laws protect people's retirement incomes from employers who deliberately try to avoid their superannuation obligations.
"If you are a director whose company has not paid the super guarantee for the June quarter and your company does not lodge the overdue with the ATO by 28 November, the only way to avoid your personal liability will be to pay the outstanding SGC," he said.
D'Ascenzo advised employers experiencing difficulty in meeting their obligations to contact the tax office.
AUTHOR
Staff Writer
Money Management staff writers are writers who contribute to the website from time to time. If you would like to discuss the content contained within this article please contact us.
Recommended for you
Governor Bullock took a more hawkish stance on Tuesday, raising concerns over Trump’s escalating tariffs, which sent economists in different directions with their predictions.
Equity Trustees has announced the appointment of Jocelyn Furlan to the Superannuation Limited (ETSL) and HTFS Nominees Pty Ltd (HTFS) boards, which have oversight of one of the companies’ fastest growing trustee services.
Following growing criticism of the superannuation industry’s influence on capital markets and its increasing exposure to private assets, as well as regulators’ concerns about potential risks to financial stability, ASFA has released new research pushing back on these narratives.
A US-based infrastructure specialist has welcomed the $93 billion fund as a cornerstone investor.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Global X GlobalX FANG+ ETF
33.51 3 y p.a(%)
2
Spire Oaktree Opportunities XI Second Close
32.68 3 y p.a(%)
3
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.62 3 y p.a(%)
4
Spire Oaktree Opportunities XI First Close USD
31.36 3 y p.a(%)
5
Fidante Credit Suisse Global Private Equity
29.60 3 y p.a(%)
