The ATO and the Federal Government is getting serious about employees receiving their compulsory superannuation.  New laws introducing new penalties, including increased fines and imprisonment for up to 12 months, for non-compliance with superannuation obligations.  Directors of entities employing staff, whether it be the director of a trustee company acting as the trustee of a trust or a director of an operating company are personally responsible for ensuring SGC obligations are met on time and reported to the ATO.

Careful consideration must be made about appointing directors of operating entities, as a silent director, typically a spouse not active in the day to day operations of a business would also be personally liable and subject to the penalty provisions in the case of non-compliance.

If you are the director of an entity it is your obligation to ensure all compliance obligations are being met …… no excuses.

Quarterly payment due dates for super payments

You must pay super for eligible employees by the quarterly due dates.

Period                                                                                  Payment Due Date

1 July – 30 September                                                    28 October

1 October – 31 December                                            28 January

1 January – 31 March                                                      28 April

1 April – 30 June                                                               28 July

Please note that the payment is counted as being paid on the date the superannuation fund received the payment, not the date the clearinghouse receives it from you.  Check with your clearinghouse to make sure you allow enough time for your payments to be processed before the quarterly due dates.

Missed and late payments, that is you didn’t pay an employee’s super on time and to the right fund, you may need to pay the Super Guarantee Charge and lodge a Superannuation Guarantee Charge Statement.