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Late superannuation payments can be costly and the ATO now has ‘real time’ access to your mistakes

Late superannuation payments can be costly and the ATO now has ‘real time’ access to your mistakes

The ATO is using Single Touch Payroll information from employers and Member Account Transaction Service data from superannuation funds to identify employers that are late in paying superannuation contributions.

A superannuation contribution will be late if it is not received by a superannuation fund by the due date.

Unless a business is using the ATO Small Business Superannuation Clearing House, there can be delays of up to 10 days between the date a superannuation contribution is paid and when the contribution is received by a superannuation fund.

If your business is either not using or is not eligible to use the ATO Small Business Superannuation Clearing House, are you:

  1. allowing for processing time when your business makes superannuation contributions; or
  2. just paying on the quarterly due date?

If it is the latter, then the contributions are unlikely to be received by the superannuation fund on that day and you will be required by law to lodge a Superannuation Guarantee Charge statement and pay outstanding amounts – including added interest and a mandatory administration fee.

There is no discretion or leeway under the law for the ATO to waive these requirements and the ATO has commenced a campaign to advise businesses that they need to lodge Superannuation Guarantee Charge statements.

Businesses that do not lodge Superannuation Guarantee Charge statements as required are likely to be subject to further contact from the ATO, including audits and penalties, as the Superannuation Guarantee amnesty only applies to historical payments up until 31 March 2018.

How we can help

Please contact us if you are:

  1. having problems in getting on top of the superannuation obligations of your business; or
  2. require assistance in dealing with an ATO review.
This content is general commentary only and does not constitute advice. Before making any decision or taking any action in relation to the content, you should consult your professional advisor. To the maximum extent permitted by law, neither Pitcher Partners or its affiliated entities, nor any of our employees will be liable for any loss, damage, liability or claim whatsoever suffered or incurred arising directly or indirectly out of the use or reliance on the material contained in this content. Pitcher Partners is an association of independent firms. Pitcher Partners is a member of the global network of Baker Tilly International Limited, the members of which are separate and independent legal entities. Liability limited by a scheme approved under professional standards legislation.

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