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Small Business: Be sure to pay SG on time Posted on October 21, 2019
With STP reporting, late payers will be identifiable by the ATO. Paying on28 October is too late. Here’s how to make sure you pay on time.
- Ensure you are paying employee superannuation into a Clearing House or directly into a Superstream compliant fund with a unique URL. This became compulsory in 2016.
- When using clearing houses, the employee’s super contribution is counted as being paid on the date the super fund receives it, not the date the clearing house receives the payments. The exception is the free Small Business Superannuation Clearing House service.
- Check with the clearing house and/or software company to find out what buffer is recommend as this can range anywhere from 5-10 days.
Please contact us if we can help you in any way.