Important Reminder

Just a quick reminder for anyone with employees – superannuation is due for payment by tomorrow.  Due to the holiday period, the Australian Taxation Office give an extension for the Business Activity Statements but this does not extend to superannuation payments.  While generally (for those who deal with their own BAS obligations) the due date for the Business Activity Statement and superannuation payment date align, this time of the year is the exception to the rule.

Please take the time to check that your superannuation has been paid.  Failure to pay this by the due date can cause the entire payment to be non tax deductible.  The correction for this late payments requires the lodgement of an ATO form as well as calculation of interest for late payment and an administration charge per employee.   There is definitely pain and suffering in the correction process (even if it’s just one day late) so it’s much easier overall to make the payment by the due date if possible.

 

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