Latest News

Hot Issues
spacer
ATO reveals small business hit list to combat tax debt
spacer
What are the FBT implications of Employee Christmas Parties and Gifts?
spacer
Assess a business before you buy it
spacer
Christmas Parties and Taxi Fare/Rideshare – FBT implications.
spacer
Practitioners cautioned on ATO’s top target areas for GST
spacer
ATO to target growing businesses in latest compliance blitz
spacer
Our SG compliance results are here
spacer
Top 20 Most Watched Christmas Movies ever - pre covid
spacer
Businesses ghosting the ATO targeted in debt collection blitz
spacer
Claiming the tax-free threshold: getting it right
spacer
Aussies tired of ‘dodgy tax criminals’, warns ATO
spacer
Protect your small business by following these essential steps.
spacer
Super guarantee a focus area for ATO business debt collection
spacer
Controversial ‘Airbnb tax’ set to become law
spacer
Withholding for foreign residents: an ATO focus area
spacer
1 in 3 crypto owners confused about tax, study reveals
spacer
20 Years of Silicon Valley Trends: 2004 - 2024 Insights
spacer
ATO reveals common rental property errors from data-matching program
spacer
New SMSF expense rules: what you need to know
spacer
Government releases details on luxury car tax changes
spacer
Treasurer unveils design details for payday super
spacer
6 steps to create a mentally healthy and vibrant workplace
spacer
What are the government’s intentions with negative gearing?
spacer
Small business decries ‘unfair’ payday super changes
spacer
The Leaders Who Refused to Step Down 1939 - 2024
spacer
Time for a superannuation check-up?
spacer
Scam alert: fake ASIC branding on social media
spacer
Millions of landlords the target of expanded ATO crackdown
spacer
Government urged to exempt small firms from TPB reforms
spacer
ATO warns businesses on looming TPAR deadline
spacer
How to read a Balance Sheet
spacer
Unregistered or Registered Trade Marks?
spacer
Most Popular Operating Systems 1999 - 2022
Article archive
spacer
Quarter 3 July - September 2024
spacer
Quarter 2 April - June 2024
spacer
Quarter 1 January - March 2024
spacer
Quarter 4 October - December 2023
spacer
Quarter 3 July - September 2023
spacer
Quarter 2 April - June 2023
spacer
Quarter 1 January - March 2023
spacer
Quarter 4 October - December 2022
Super guarantee a focus area for ATO business debt collection

The ATO has recently confirmed some key focus areas of business debt collection – including debts relating to superannuation guarantee (SG), pay as you go (PAYG) withholding and GST.

.

This is a timely reminder for all businesses to ensure they are meeting their obligations.

For SG contributions for your employees and eligible contractors, these payments must be made on time and to the correct funds (and some awards may require more than quarterly payments).

It is important to note that a contribution made to a commercial “clearing house” is not considered paid until it is received by the employee’s fund, not by the clearing house. However, if you use the ATO’s Small Business Superannuation Clearing House, the contribution is “paid” when received by that clearing house.

If you miss a payment, taking action promptly is essential to accessing the ATO’s support services and minimising your exposure to penalties. You must lodge an SG charge statement with the ATO within one month of the missed quarterly due date and pay any necessary SG charges. These charges can accrue to more than the amount of contributions you would have paid if you had paid them on time, and it’s not deductible. 

The charge is paid to the ATO, not your employee’s fund and general interest charge will accrue on any outstanding SG charges, and even may result in the ATO issuing a director penalty notice if it remains unpaid.

 

 

 

AcctWeb

Liability limited by a Scheme approved under Professional Standards Legislation.
© O'Brien and Partners 2024 - All Rights Reserved | 333 Canterbury Road, Canterbury VIC 3126 | Tel: 03 9509 3911 Site by Acctweb