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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Self-Managed Superannuation Service Providers in Australia. SuperBenefit provides a wholistic SMSF assistance, education and administration service continuum - 1. “assistance” is help of whatsoever nature where our overall SMSF experience and knowledge enables us to provide assistance/help without any legal (or “license”) limitations. 2. “education” involves providing knowledge through teaching, coaching and mentoring about all matters SMSF, including (but not limited to) investment issues such as equities and property, 3. “administration” encompasses all admin aspects of legally required SMSF trustee and member record keeping including (but not limited to) audit and ATO matters. In keeping with our key point that SuperBenefit does not provide Financial Advice, where issues arise from 1, 2, and/or 3 above Indicate a need for a legally authorized provider (such as a Financial Adviser) and the client does not have their own service provider, the client can utilize SuperBenefit’s ‘Connect Assist’ … SuperBenefit, in itself, does not provide Financial Advice, but it does provide the wherewithal for great SMSF service. WE do not provide Financial Advice or any other service that requires a legally authorized provider. However, where such advice or service is required we have our ‘Connect Assist’, a SuperBenefit resource we use to connect clients to a Licensed Advisor or other legally authorised service provider. Call us 0407 361 596, no obligation FREE Connection call to see how we can help you!
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