Business downturn due to COVID-19 may be affecting your business and you may have missed, or not paid in full, regular payments.
This includes your employees’ super guarantee (SG) for the quarter ended 30 September 2020.
By law, the ATO can’t extend the due date to pay super.
To meet your obligations, lodge a Superannuation guarantee charge statement to the ATO by 28 November 2020, even if you can’t pay in full. Doing this will mean you avoid penalties and the ATO can work with you to set up a payment plan that suits your circumstances.
The super guarantee charge is different from the regular contributions you pay and comprises:
- SG shortfall amounts
- interest on those amounts (currently 10%)
- an administration fee of $20 per employee, per quarter.
Significant penalties can apply if you don’t lodge a statement by the due date.
Source – https://www.ato.gov.au/Newsroom/smallbusiness/Employers/Missed-or-underpaid-super-amounts/
If you need any help with your business Payroll, Accounting, Taxation or any other business advice, give our team at SPS Business Consultants a call on (03) 9904 9261.