Beware of Super Guarantee Contribution penalties
If you run a business, you need to be aware of the regulations surrounding superannuation contributions for your staff:
- The rate for contributions paid by employers on behalf of their employees under the super guarantee for the year ending 30 June 2020 remains at 9.5%.
- Employers must make super guarantee contributions for employees at least quarterly and within 28 days after the end of each quarter (September, December, March and June quarters).
- If the employee super contributions are not paid within 28 days after the end of a quarter, the employer is required to lodge a super guarantee charge statement, pay the contributions as a non-tax deductible charge, incur an administration fee of $20 per employee and pay interest at the rate of 20%.
Please contact KMT Partners if you have any questions or would like support with implementing this.