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| Superannuation ? Shocker! |
| Recent changes (8th April 2003) to the 9% superannuation obligations mean that after 1st July 2003, every employer must notify every employee within 30 days after payment. |
The information to be provided is the amount, the name and the address of the fund and member number.
The penalties for non compliance are enough to send most businesses to the wall.
What is extraordinarily difficult is that you must notify in writing AFTER the payment. A pay slip is issued before payment ? hence it does not comply.
What is worse is that the letters from the Australian Taxation Office giving their version of the law are wrong. They say 30 days after the end of the quarter. If you receive one of these letters, it might save your business from these extraordinary fines.
The fine for an employer who pays their superannuation monthly (big mistake now) for say 5 employees, would be $16,500 every month.
The amount of superannuation payable is irrelevant.
We hope you say ? outrage!
We suggest every employer should complain to their politician.
9th-June-2003 |
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