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New Business Laws – Directors now accountable for Superannuation Guarantee Charge (SGC) and other liabilities

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Superannuation Guarantee Fund

Directors now accountable for Superannuation Guarantee Charge (SGC) and other liabilities

Business owners beware – directors are now to be accountable for their company’s Superannuation Guarantee Charge (SGC) left outstanding, under new laws. According to the Australian Taxation Office (ATO), companies have two weeks to ensure their super guarantee obligations are up-to-date for the June quarter – otherwise directors could end up paying the guarantee themselves.  “These new laws protect people’s retirement incomes from employers who deliberately try to avoid their superannuation obligations,” Tax Commissioner Michael D’Ascenzo said. And further on he encourages companies that are having difficulties in meeting their super obligations to contact the ATO and make a plan to get up to date. Consider also that under the Director Penalty Regime, if a company is unable to fund its obligations, the director may be required to place the company into liquidation or voluntary administration. READ MORE at Money Management. For more generally at the ATO web site, GO HERE and further details with a summary table covering PAYG etc is HERE.

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Author: accountkeepingplus

Administration, bookkeeping and compliance for small business, and Self-Managed Super Funds (SMSF) Training, trouble-shooting, or we can do the books and payroll for you! Self Managed Superannuation Fund Service Provider, Free support MYOB Certified Consultant, Reckon/QuickBooks Professional Partner.

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