Did you know that your employees can report you to the taxman if you haven’t paid their superannuation on time?

 

 

Businesses are required to pay employee’s superannuation by 28 days after the end of a quarter being: 28 April, 28 July, 28 October, 28 January.

If you are behind with paying employee’s superannuation and an employee checks their superannuation account they can easily make an anonymous report to the Australian Taxation Office. Your business may then be contacted by the taxman and be required to provide evidence that superannuation has been paid on time for all employees.

Alternatively your business may be selected for a ‘Superannuation Guarantee Charge’ audit, which can be a very time consuming process to comply with.

If your business is having difficulties paying superannuation on time due to cash flow issues our team at CIB can work with you to help manage your cash flow challenges.

We can also assist your business in the event that it is selected for a ‘Superannuation Guarantee Charge’ audit or contacted by the taxman on other super related matters.

Should you wish to discuss these matters further please call Graeme Bellach and Joel Halbert on + 61 2 9683 5999.