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Super guarantee a focus area for ATO business debt collection

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The ATO has recently confirmed some key focus areas of business debt collection – including debts relating to superannuation guarantee (SG), pay as you go (PAYG) withholding and GST.

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This is a timely reminder for all businesses to ensure they are meeting their obligations.

For SG contributions for your employees and eligible contractors, these payments must be made on time and to the correct funds (and some awards may require more than quarterly payments).

It is important to note that a contribution made to a commercial “clearing house” is not considered paid until it is received by the employee’s fund, not by the clearing house. However, if you use the ATO’s Small Business Superannuation Clearing House, the contribution is “paid” when received by that clearing house.

If you miss a payment, taking action promptly is essential to accessing the ATO’s support services and minimising your exposure to penalties. You must lodge an SG charge statement with the ATO within one month of the missed quarterly due date and pay any necessary SG charges. These charges can accrue to more than the amount of contributions you would have paid if you had paid them on time, and it’s not deductible. 

The charge is paid to the ATO, not your employee’s fund and general interest charge will accrue on any outstanding SG charges, and even may result in the ATO issuing a director penalty notice if it remains unpaid.

 

 

 

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Late & Problem Returns

This is when people or businesses are late with their BAS statements, Tax Returns and have been accruing debts such as fines and interest to the ATO as they have ignored the ATO.

I have been extremely successful in reducing tax debts in these instances. Two examples:

One client came to us owing $220,000 and 3 years behind. I brought all their BAS and tax return up-to-date and obtained a reduction of $160,000 in penalties and interest. We then entered them into a repayment program for the $60,000 which they have just finished paying off.

Another client had 18 months BAS outstanding and two years of tax returns. He had a tax debt of $62,000 with penalties. I was able to get a reduction of $37,000 in fines and penalties leaving him with a debt of $25,000 of which he still owes $5,000.

Both clients are very happy with these outcomes. Also, after I obtained the reductions and kept them up-to-date with their BAS and Tax Returns they have not only kept up repayments but have managed to ensure that all current BAS and payments have been kept up to date as well.

If you find yourself in a similar position then we are most likely able to help.

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I like a lot of Accountants use management information to track how a business is going. I also have actually managed a number of different types of businesses and taken them from losses to profit so I am able to advise clients on how to run their businesses including staff, computer programs, marketing of their product etc.

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