Superannuation is one of those entitlements that employees generally aren’t too worried about when they start work, but fret about as they get closer to finishing their working lives.
Unfortunately, it is also one of the most common entitlement not to be paid by an employer.
The reason is that no one checks to make sure superannuation is paid. As an employee, have you ever added up the superannuation on your payslip and compared it to what is on your superannuation statement from your fund?
I bet the answer in 99.99% of cases, is no.
Well, this is about to change. The ATO is going to do the checking for us. With the introduction of Single Touch Payroll (STP) the ATO will take what the employer reports on payslips and compare it to what the funds have received.
And the penalties are harsh for employers avoiding their superannuation obligations. To name a few, no tax deduction for late payment of superannuation , hefty fines and even jail time.
STP is in place from 1st July. For employers, there’s only a limited time left to get all your ducks in a row with superannuation.
Talk to us if you need strategies to make it happen.
113 Raymond Street, Sale, Victoria
55 Grey Street, Traralgon, Victoria
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