A superannuation contribution will be late if it is not received by a superannuation fund by the due date.
Unless a business is using the ATO Small Business Superannuation Clearing House, there can be delays of up to 10 days between the date a superannuation contribution is paid and when the contribution is received by a superannuation fund.
If your business is either not using or is not eligible to use the ATO Small Business Superannuation Clearing House, are you:
- allowing for processing time when your business makes superannuation contributions; or
- just paying on the quarterly due date?
If it is the latter, then the contributions are unlikely to be received by the superannuation fund on that day and you will be required by law to lodge a Superannuation Guarantee Charge statement and pay outstanding amounts - including added interest and a mandatory administration fee.
There is no discretion or leeway under the law for the ATO to waive these requirements and the ATO has commenced a campaign to advise businesses that they need to lodge Superannuation Guarantee Charge statements.
Businesses that do not lodge Superannuation Guarantee Charge statements as required are likely to be subject to further contact from the ATO, including audits and penalties, as the Superannuation Guarantee amnesty only applies to historical payments up until 31 March 2018.
How we can help
Please contact us if you are:
- having problems in getting on top of the superannuation obligations of your business; or
- require assistance in dealing with an ATO review.