Employers: Remember your super guarantee obligations
5 June 2024
The ATO is reminding employers in the construction industry about the importance of meeting their super guarantee (SG) obligations to avoid penalties.
Thinking about putting more workers on the tools?
Don’t forget about
your super obligations
It's important for employers in the construction industry to check you’re up to date with your SG obligations. Employers who don’t pay their employees’ super in full, on time, and to the right fund will be liable for the super guarantee (SG) charge.
Super is not optional, and most employers pay their employees’ super on
time, in full and to the right fund. However, employers who don’t meet
their SG obligations will need to pay the super guarantee charge (SGC).
This is more than the SG they would have paid originally and isn’t tax
deductible.
To meet your SG obligations and avoid additional costs in penalties and
interest:
-
pay your employees’ SG in full
- calculate SG contributions at 11% of your eligible workers’
ordinary time earnings
- make sure the SG reaches their nominated super fund by the
quarterly due date
The ATO receives single touch payroll and fund reporting data which allows
the ATO to determine if an employer has met their SG obligations.
Additionally, employees can notify the ATO if they believe their employer
has not met their SG obligations. When the ATO receives and reviews an
employee notification, they may alert other employees.
For more information about missed or late SG payments, you can
visit the ATO’s website. They have resources that can assist in getting on top of your
obligations, including a
Super obligations for employers checklist
and
SG employer obligations course.
Tax time essentials for small businesses
The ATO has learning
resources, tools and services to support your small business at tax time.
It’s important to remember you are responsible for what you report and
claim in your income tax return, even if you use an agent. The ATO has
tools and services to help get your tax obligations right.
A new fringe benefits tax year started on April 1. If you’re an employer and have provided certain
benefits to your staff in addition to their salary and wages, get ready to
lodge your 2023–24 FBT return.
If you’re paying for your employees’ external training, you may be eligible
to claim the
small business skills and training boost. Businesses with an aggregated annual turnover of less than $50 million
can claim eligible spending for external training courses delivered to
employees by registered training providers.
If your business has received government support payments due to being affected by a natural disaster, check if you need to include them as assessable income in your tax return
before you lodge. Some support payments are non-assessable, non-exempt
income and don’t need to be included in your tax return.
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