The Australian Taxation Office (ATO) are now using data from Xero's Single Touch Payroll (STP) updates to the ATO and super funds to track employer compliance with Superannuation Guarantee (SG) payments. They’ll soon have a complete view of owed super amounts, recipients, and due dates. See here for more details.
As an employer, it’s crucial for you to allow clearing houses enough time to pay super contributions to the right funds before the due dates. SG obligations are only met when the fund receives the money.
Remember, super payments must reach your employees’ super funds within 28 days of each quarter’s end, usually by the 15th of the following month. If they’re late, you’ll need to file an SGC statement and pay a penalty to the ATO. This penalty is NOT tax deductible.
Rest assured, our bookkeeper is on top of your STP reporting and super obligations, ensuring everything complies with current rules.
We’re committed to keeping your informed about STP and superannuation changes. As new requirements emerge, we’ll keep a close eye on them and make sure that you accounts are in line.
Communication is key. If you get any ATO messages about STP or superannuation, reach out to us right away. We’re here to support and inform you.