Accounting firm RSM Bird Cameron has warned employers to pay their superannuation guarantee (SG) on time.
Companies that pay late could face a superannuation guarantee charge and penalties and interest.
This is based on salary and wages, not ordinary time earnings (OTE), RSM Bird Cameron principal Katie Timms said.
The firm said it has seen a lot of activity by the Australian Tax Office (ATO) in relation to reviewing the timing of SG payments.
Employers need to pay 9.25 per cent into employees' superannuation fund by the 28th day after each quarter end (ie, 28 October, 28 January, 28 April and 28 July).
"This payment must be received by the superannuation fund by this date. Posting a cheque on the 28th will not meet these requirements," principal of RSM Bird Cameron Katie Timms said.
The exception to this is if the 28th of the month is a weekend, in which case the deadline is the Monday after the weekend, she said.
Employers should consider making payments by electronic funds transfer (EFT) instead of cheque, as EFT automatically generates before the 28th day of each quarter.
If employers have acquired shares in a company recently, they should review records to ensure compliance of that company and its subsidiaries.
Superannuation funds have posted another year of strong returns, but this time, the gains weren’t powered solely by Silicon Valley.
Australia’s $4.1 trillion superannuation system is doing more than funding retirements – it’s quietly fuelling the nation’s productivity, lifting GDP, and adding thousands to workers’ pay packets, according to new analysis from the Association of Superannuation Funds of Australia (ASFA).
Large superannuation accounts may need to find funds outside their accounts or take the extreme step of selling non-liquid assets under the proposed $3 million super tax legislation, according to new analysis from ANU.
Economists have been left scrambling to recalibrate after the Reserve Bank wrong-footed markets on Tuesday, holding the cash rate steady despite widespread expectations of a cut.