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- ATO ANNUAL REPORT
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- Why Business Owners Should Think Like Futurists
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- Buying property through SMSF – what are the rules?
- 4 reasons to consider refinancing your home loan
- Big data for small business
- Does your super fund provide enough life insurance cover?
- HIFX - INTERNATIONAL PAYMENT EXPERTLY DONE
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- FBT 2016 - WHAT YOU SHOULD KNOW
- How New Laws May Impact Your Use of an Earnout Right when Buying or Selling a Business.
- Transfer of Business Assets & Private Company Shares
- Financial Future Checklist
- Matters to Consider Before Setting Up an SMSF
- 6 Things that Work Better in The Cloud
- Can better inventory management improve business performance for Manufacturers?
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- 5 Top Causes Of Stress for Small Business Owners Open page Preview for 5 Top Causes Of Stress for Small Business Owners
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- New Tax Relief Introduction – Parliamentary Bill 2019
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- Land Tax Surcharge and You
- YML Insight April 2015
- Tax Liabilities to be reported to Credit Agencies
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- Carry forward your unused Concessional Contributions
- 2015 Federal Budget Report
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- YML Insight June 2015
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- How RPA and Bots are making Employees happier
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- PRINCIPAL-AND-INTEREST VS INTEREST-ONLY
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- SAFE HARBOUR FOR DIRECTORS OF STRUGGLING COMPANIES
- COVID-19 and Estate Planning – Your Will
- ATO is Auditing Rental Property Expense Claims
- JobKeeper 2.0 – Extension 1 and Extension 2
- How a Mortgage can improve your Financial Position / How a Mortgage can grow your Wealth
- REMINDERS! LAND TAX REGISTRATION and DEED OF VARIATION
- 2020-21 Federal Budget – Update
- UPDATING SMSF TRUST DEEDS
- SMSF - $1.6 MILLION TRANSFER BALANCE CAP
- CONTRACTOR vs. EMPLOYEE – EMPLOYER OBLIGATIONS
- FBT
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- CRYPTOCURRENCY
- Using your Equity to Lower your Rate AND to Invest
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- THE IMPORTANCE OF WITHDRAWING YOUR MINIMUM PENSION
- Bookkeeper Service – Why does your business need it?
- AUDIT INSURANCE – ATO Increasing Audit Activity in the Areas of Income Tax and Supe
- 5 Everyday Examples of IPA in Practice
- Deed of Variation – NSW Surcharge Land Tax
- Deed of Variation – NSW Surcharge Land Tax
- Is Your SMSF Investment Strategy Compliant?
- GST on Property Transactions has changed from 1 July
- INVESTMENT LOANS – IS IT WORTH TAKING OUT PRINCIPAL + INTEREST at 3.89% RATE*?
- GLOBAL TALENT SCHEME – Get the expertise your company needs…
- Business Intelligence (BI) in Small Business
- It’s started – Single Touch Payroll (STP)
- CAR LOAN – HERE’S AN OFFER
- Should you pay principal + interest on your investment property?
- Over 65? Downsize your home to contribute to your super!
- NEW Skilling Australians Fund (SAF) Levy
- Limitations to the Superannuation Death Benefit
- Did you know YML Group offers CFO Services?
- JobKeeper 2.0 – Extension 2 Commencing Soon
- NSW State Budget 2020-21 – Economic Stimulus Packages
- Would your business withstand one of its key people falling ill or dying?
- Superannuation Guarantee Amnesty – Self-Correct your past Super Guarantee Liability
- Non-Residents and SMSFs – Tax Alert!
- Managing your Money through this Crisis!
- Proposed Partner Visa Changes – NEW Two-Step Process
- YML Insight – Special Edition COVID-19
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- Annualised Salaries – New Rules from 1 March 2020
- Economic Stimulus Package – JobKeeper Payment
- Superannuation and Pension Payment Changes
- Should I ‘fix’ my home loan?
- Economic Stimulus Package – Small Business Grants
- Working with Remote Staff – Business Process Outsourcing
- ATO Payment Arrangements – Avoid Overseas Travel Ban
- JOBKEEPER INCENTIVE – ENROLMENT REQUIRED 30/04/20
- GOVERNMENT INCENTIVES UPDATE
- Taxable Payments – New Compliance for Couriers and Cleaners
- Superannuation Guarantee Amnesty 2020
- Government announces Changes to the Working Holiday Maker Programme
- NEWS! CGT Main Residence Exemption to End for Foreign Residents
- EOFY Removal of Main Residence CGT Exemption for Non-residents
- YML Insight July 2015
- Economic Stimulus Package Updates
- BUY / SELL Insurance – What is it and how can it help your business?
- YML Insight August 2015
- Working from home: What deductions can you claim?
- COVID-19 – Rent Moratorium + Financial Support
- Applying For A Mortgage Is No ‘Walk in the Park’
- MyGov – What is it and how do you apply?
- SMSF – Would it suit you?
- Economic Stimulus Package – Small Business Grants
- Small Business Instant Asset Write-Off : NOW up to $25,000
- POWER BI - BUSINESS DATA TOOL
- Employees : Time and Attendance Platforms
- COVID-19 – Travel Bans and Exemptions
- COVID-19 – Workers Compensation and JobKeeper
- Funding to help small businesses re-open after COVID-19
- Digital Automation supporting Remote Work
- The Importance of Estate Planning
- Buying Property through your SMSF
- FBT 2019 – What’s new?
- Tax Time Checklist for Individuals
- Single Touch Payroll – NOW Mandatory for ALL Businesses
- Economic Stimulus Package Updates
- Should I leave my savings in the offset or in the redraw?
- Tax Planning and Restructuring to suit your Business
- Federal Budget 2019 – Immigration to Australia NEWS
- NOW is the time to consider your Year-End Super Contributions
- Federal Budget May 2016 - Superannuation and Social Security
- Federal Budget 2014-15 Update
- Federal Election 2019 Outcome – What it means for you
- STP – COMPULSORY Cloud-based Payroll Reporting
- AI and RPA changing the Future of Work
- SuperStream Deadline for Small Employers
- Superannuation Year End Considerations Continue!
- YML Insight February 2015
- Happy NEW Financial Year – ATO Changes Update
- Economic Stimulus Package Updates – JobKeeper 2.1
- Does your SMSF have an investment strategy?
- Business Process Outsourcing (BPO) – Remote / Offshore
- YML Insight March 2015
- General Outsourcing Services provided by YML
- How to get on top of your finances post COVID-19
- Other Topics
- RPA
- FAMILY TRUST DEED VARIATION
- ENCOURAGING NEWS FOR Permanent residency (pr) APPLICANTS
- WORK RELATED CAR EXPENSES - WHAT'S LEGAL?
- WHAT IS THE BEST WAY TO PAY OFF YOUR DEBTS?
- Business Protection Insurance
- Aiming to Make a Final Non Concessional Superannuation Contribution for 2016? Be Careful!
- Getting Organized and Planning Effectively This EOFY
- New Withholding for Non Residents
- Four Per Cent Stamp Duty Surcharge for Overseas Investors Buying Residential Real Estate in NSW
- Co-Sourcing: An Alternative To Out-Sourcing
- What Small Business Expenses Can You Claim?
- Israeli Tax of Trusts
- New Superannuation Rules
- YML Group App - Coming Soon
- Obtaining a Business Skills Visa
- Quick Tips to Pay Off Your Mortgage Sooner
- FBT on Christmas Gifts and Tax Deductibility of Christmas Parties
- Changes to the Assets Test for Centrelink Aged Pensions from January 1st 2017
- Why You Should Consider Co-Sourcing for your Business
- Is It Worth Fixing Your Loan?
- Co- Sourcing
- Shareholder's Agreements
- Tax
Proposed Superannuation Guarantee Amnesty – Have you correctly paid your staff super?
The Australian Government has proposed a Superannuation Guarantee (SG) Amnesty which has not yet been enacted by Parliament. What would it mean for you as an employer?Proposed Superannuation Guarantee Amnesty
An amnesty would enable employers to self-correct any past non-compliance of their superannuation guarantee to employees. You would be asked to voluntary disclose superannuation guarantee shortfall and non-payment to potentially avoid being liable for:
- Extra administration fees associated with late payments
- Penalties of up to 200%
Until such time as the proposed amnesty passes royal assent, under current existing law, an employer who has neglected to maintain accurate payment of superannuation to their employees is liable to the Australian Taxation Office (ATO) for outstanding staff superannuation.
When superannuation is not paid on time in to the correct fund or at the minimum amount by employers, the ATO is responsible for collection of unpaid superannuation under their Superannuation Guarantee Charge (SGC) arrangement.
SGC – How to pay?
If you have a superannuation guarantee shortfall to rectify, you are required to lodge a SGC Statement by the quarterly due date and pay any superannuation guarantee shortfall to the ATO. This statement enables you to report and calculate what is still owing to your employees and to the ATO (administration fee).
The SGC covers any unpaid or underpaid amounts due to employees, any interest on those amounts and an administration fee of $20 for each employee affected by your error. The SGC is a non-tax-deductible amount.
For the first quarter of the current financial year, 1 July – 31 October, the due date to lodge your SGC Statement is 28 November 2019.
SGC – How to avoid paying it?
Although the ATO ultimately will seek outstanding superannuation guarantee amounts for employees, it is important that all employers aim to pay and succeed in paying their obligatory superannuation guarantee to their employees in a timely manner.
Single Touch Payroll (STP), compulsory for all Australian employers from 1 July 2019, is the new reporting method of salaries, wages, PAYG withholding tax and superannuation to the ATO. By using STP-enabled software to report to the ATO, you will be able to keep informed of any miscalculations and revise staff superannuation payments immediately, thereby potentially avoiding the SGC.
Future Outstanding SG Payments – What will happen?
Recently, the proposed Superannuation Guarantee Amnesty was re-introduced in to Parliament for further consideration and debate. Whilst a SG Amnesty is not yet law, failure to pay the superannuation guarantee to employees may result in penalties under new legislation passed in December 2018: a fine of up to $10,500 or 12 months’ jail time.
All employers must abide by their obligation to pay their employees the superannuation guarantee. With STP-enabled software, businesses can face a future without penalty.
Avoid relying on the proposed SG Amnesty to stop you neglecting your SG obligation. Rather, it is important to seek professional advice about payment options now.
How can YML help?
Talk to our Accountants today to see how YML Chartered Accountants can assist you with your Superannuation Guarantee obligation. Contact us on (02) 8383 4400 or by visiting the Contact Us page on our website.