Employer contribution red tape reduced
A new bill ensuring late employer superannuation contributions are still counted, Tax Laws Amendment (2008 Measures No.2) Bill 2008, was introduced into Parliament today.
The amendment allows late contributions to be counted towards reducing the required superannuation guarantee (SG) payments of an employer.
Under SG law, if employers fail to make required contributions within 28 days of the due date, they must make the payments through the SG charge payable to the Australian Taxation Office, however, many employers don’t realise this and make late payments directly to their employee’s super fund.
In the past this would not have been counted as an SG payment and the employer would be forced to pay twice.
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