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

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

Directors will now be accountable for their company’s outstanding Superannuation Guarantee Charge (SGC) 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 – or directors risk having to pay 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 wrote… D’Ascenzo has encouraged companies that are having difficulties in meeting their super obligations to contact the ATO. Under the director penalty regime, if a company is unable to fund its tax obligations, the director may be required to place the company into liquidation or voluntary administration.” READ MORE

For more generally at the ATO web site, GO HERE and further detail with a summary table covering PAYG etc is HERE

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