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Do you pay your employee superannuation guarantee on time?

Consider Martins’ case

Martin runs a building company in the Macedon Ranges and employs several staff. Recently Martin fell behind on payments of his employees superannuation guarantee obligations.

A disgruntled employee who recently left the business checked his super fund statements to find that Martin had not paid his superannuation.

The former employee notified the ATO who conducted an audit of all of the company’s superannuation obligations and found that Martin had not been paying for the past few years.

As a result of the audit, Martin was ordered to pay the outstanding super amounts, an administrative penalty as well as interest accruing on the outstanding balance.

The ATO also advised Martin that if the superannuation is not paid by the company he could be liable personally as a director of the company and face further penalties.

Further, Martin should be aware of the increased compliance by the ATO as a result of legislative changes expected to be coming during the 2018 financial year.

Should you wish to discuss your payroll needs please feel free to contact Andrew Marshall or Janine Orpwood on 5427 8100 for an initial consultation.

The content within these articles was correct at the time of writing. Please contact us for updated information and advice. 

We provide accounting and wealth management services to clients in Woodend, Gisborne and Macedon Ranges areas within Victoria Australia.

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