The Australian Taxation Office (ATO) is stepping up its efforts to ensure timely Super Guarantee (SG) payments, and they mean business!

Important Tax Update!

Stay informed about super guarantee payment with these crucial details:

Enhanced Data-Matching: The ATO is expanding its data-matching capabilities, using information reported through Single Touch Payroll (STP) Phase 2 and other sources for detecting late SG payments.

Take Proactive Measures: Employers failing to meet SG contributions on time or not filing super guarantee charge statements may face swift audit activity and receive prompt reminders to fulfill their obligations.

Detailed Surveillance: With boosted data capabilities, the ATO can now monitor quarterly payments and pinpoint late payments throughout the year, holding employers accountable.

Wider Application of STP Data: The ATO is leveraging information reported through STP and Member Account Transaction Service to ensure employers comply with SG obligations.

Protecting Retirement Savings: These measures aim to safeguard employees’ retirement savings and minimize super guarantee charge accumulation.

Identifying issues sooner can prevent interest from accruing over extended periods, thereby reducing the super guarantee charge.

Furthermore, stay informed to meet your obligations accurately. Timely SG payments are vital for securing employees’ financial futures. If you have questions, reach out promptly. Compliance is key! #ATO #Superannuation #EmployerObligations

At EndureGo, we understand the importance of meeting your payroll and SG obligations. As your trusted local accountant in Inner West Sydney, we ensure your business stays compliant and avoids surprises from the ATO.

Here’s how we can assist:

Payroll Expertise: Our team of experts will handle your payroll with precision and accuracy, allowing you to focus on growing your business.

SG Obligations: We’ll ensure your SG contributions are made on time and in full, reducing the risk of audits and penalties.

With our guidance, you can stay ahead of the ATO’s data-matching efforts and protect your employees’ retirement savings.

Moreover, don’t let ATO updates catch you off guard! EndureGo is here to support you every step of the way to ensure super guarantee payment. Reach out to us for all your accounting needs and keep your business on the path to success.