Bookkeeping Services

uperannuation

Is your business up to date with the superannuation compliance policy and regulations which are necessary for small to medium businesses?
Often small to medium business owners are working in the business and not on their business, so it is easy for small to medium business owners to overlook legislative changes. The result is the business is no longer compliant and innocently becomes exposed to financial penalties.
Is your business aware of the penalties liable if superannuation payments are missed to an employees' super fund, and at what rate penalties are calculated by the Australian Tax Office and what paperwork is necessary to complete?
Confusion about superannuation payment frequently occur at times when staff work overtime, or when casuals are employed at penalty rates. It is easy to over, or under pay contributions and neither work in your favour!
There is also a definite process businesses must follow if an employee has not provided superannuation payment details before leaving your place of employment; and the liability incurred by the business.
Assume a potential employee commences work with your business, and after a couple of days, it is decided by both parties that the employment is not going to continue. If the employee has earned over $450 in their time with you, superannuation is still payable.  Would you know what you need to do if the employee has not set up a superannuation fund?
Nonpayment of the Superannuation Guarantee is unforgiving by the Tax office. All contributions must be paid quarterly by no later than 28th of October, January, April or July of each year. All superannuation paid by 30th June is claimed in the current financial year; any super paid up to 28th July is claimed in the next financial year, super paid after the 28th of July is not claimable as a business expense.