Search This Blog

Friday 30 November 2012

Company directors - Avoid becoming personally liable for unpaid super guarantee

Generally, where a company does not submit superannuation guarantee by the 28th day after the end of the quarter, it has to lodge a SGC statement and pay the amounts outstanding on behalf of the employees.

After exposure drafts and community consultation, legislation came into effect on June 29, 2012 making directors personally liable to pay penalties for outstanding SGC.

The Tax Office recently released a media statement reminding company directors that they need to ensure that their superannuation guarantee obligations are up to date.

Directors whose company has not paid the superannuation guarantee for the June 2012 quarter and has not lodged the overdue SGC statement with the Tax Office by November 28, 2012 may be personally liable for any outstanding SGC.

Severe penalties may apply where the SGC statement has not been lodged by the due date.

To access the Tax Office SGC statement and calculator, please click here.

No comments:

Post a Comment