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ACCOUNTANTS | BRISBANE | NEWSLETTER
SGC SUPER CHANGES
You are proabably already aware of the impact of the recent
changes to the SGC (Compulsory 9%) Superannuation. The penalties
are so severe that we would like to remind you of your obligations.
Who is subject to SGC Super?
- Your Employees (if you have any)
- Employers who draw a wage, salary or directors fees from
their company, trust or partnership.
Who is not included?
- Sole traders paying their own super contributions
- Trustees who receive a trust distribution (and no wage/salary)
- Partners who receive a partnership distribution (and no
wage/salary)
What are the main obligations?
- Pay SGC super contributions by 28th October 2003
- Report the details of super contributions to employees
within thirty days of making the contribution
- Maintain detailed super records for five years
What information is to be reported to employees?
- Super period (quarter ended) and reporting date
- Business name
- Employee name
- Name of Super Fund payments made to
- Amounts contributed
What are the main penalites and charges if you do not meet
your obligations?
- For not reporting super to employees, up to $330 per employee.
- For late payment, 10% interest (pa) and $20 per employee.
- For misrepresentation, prison terms can be applied.
- The loss of deductibility for the super amount and penalties.
QUARTERLY DATES FOR SGC GUARANTEE:
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DUE DATES FOR EMPLOYER TO MAKE SUPERANNUATION GUARANTEE
CONTRIBUTIONS:
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1 July - 30 September
1 October - 31 December
1 January - 31 March
1 April - 30 June
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28 October
28 January
28 April
28 July
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For more details visit the ATO website www.ato.gov.au/super
or ...
Contact the ATO Super Hotline on 13 10 20
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