The ATO has advised us that some 75 million payment transactions for the first three quarters of 2019 (for approximately 400,000 employers) has shown that 90 – 92% of contribution transactions by volume and 85 – 90% of transactions by dollar value were paid on time.
The ATO is now starting to actively use this data to warn employers who appear not to be paying the required SG on time (or at all).
So far it has notified 2,500 employers that they have paid their SG contributions late during 2019. And due-date reminders were sent to a further 4,000 employers.
Most medical professionals do not realise but if Superannuation is paid late then the tax deduction is lost unless Superannuation Guarantee Statement forms are completed.
If you have outstanding historical Superannuation our advice would be to have these forms completed and lodged. If you require assistance in this matter we would be happy to help.
