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Are You SuperStream Ready?

If employers fail to meet their Superannuation Guarantee obligations by the due date, the consequences can be severe and numerous:

  • If the employer is a company, the directors may be held personally liable for a penalty equal to the unpaid amount.
  • The employer can be denied a deduction for the contribution (for a deduction to be claimed, the superannuation fund must have actually received the contribution by the quarterly deadline).
  • Employers may be liable to Superannuation Guarantee Charge consisting of:
    • SG shortfall amounts (including any choice liability) calculated on your employees salary or wages which is a wider concept than ordinary time earnings.
    • Interest on those amounts (currently 10%).
    • An administration fee ($20 per employee, per quarter).

Going forward, in order to meet their Superannuation Guarantee obligations, employers need to be SuperStream compliant from the following dates:

  • 31 October 2015 for employers with 20 or more employees.
  • 30 June 2016 for employers with less than 20 employees.
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