25 October 2010
As the requirement for the quarterly payment of superannuation guarantee (SG) has been in place for several years, we anticipate that clients now have systems in place to cope with this.
However, it is easy to overlook required SG payments for clients who are employed by their own company or trust
. It is important to note that a payment will be required by 28th October 2010, covering at least the SG requirement for the July–September 2010 period.
Clients who made an annual payment of their 2009/10 SG requirement in October 2009 may wish to make a similar payment in October 2010, covering the SG requirement for the full 2010/11 year.
The consequences of being late with any of the SG payments are that the payment becomes non-deductible and various other penalties arise. So please ensure your system is in place to make the required payments and contact us if in any doubt as to the amounts or timing of the required payments.
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This Newsletter, of necessity, has dealt with matters of a technical nature in general terms only. Clients should contact us for detailed information on any of the items in the Newsletter. No responsibility for loss occasioned to any person acting or refraining from acting in reliance upon any material in this Newsletter can be accepted by any member or employee of the firm.