ATO to work with business who missed or underpaid super
The Australian Taxation Office (ATO) is allowing businesses that missed the superannuation guarantee (SG) payments for the 30 September, 2020, quarter to lodge a charge statement to avoid penalties.
The ATO said it acknowledged that the COVID-19 pandemic continued to affect businesses and clients and that some may have missed regular SG payments.
“By law, we can't extend the due date to pay super. If your clients missed the 28 October due date or underpaid the SG for the quarter ended 30 September 2020, to meet their obligations and avoid penalties they must lodge a superannuation guarantee charge statement by 28 November 2020, even if they can't pay in full,” the ATO said.
“We can work with you to set up a payment plan that suits your clients' circumstances.
“It is important to lodge the superannuation guarantee charge statement on time. Significant penalties can apply if a statement isn't lodged by the due date.”
Recommended for you
Australia’s largest super fund, AustralianSuper, has announced multiple additions to its executive leadership team to focus on global growth and innovation.
Super Review rounds up last month’s biggest people moves in the superannuation industry, including a new fund chair and a private markets head.
Investment returns for the Future Fund hit a milestone in September, adding $200 billion in value for the first time ever.
Australia’s largest super funds have deepened private markets exposure, scaled internal investment capability, and balanced liquidity as competition and consolidation intensify.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
225.31 3 y p.a(%)
2
Loftus Peak Global Disruption Fund Hedged
120.73 3 y p.a(%)
3
Global X 21Shares Bitcoin ETF
72.47 3 y p.a(%)
4
Paradice Australian Mid Cap A
69.09 3 y p.a(%)
5
Global X Ultra Long Nasdaq 100 Complex ETF
61.94 3 y p.a(%)
