Quarterly payments of the superannuation guarantee (SG) have now been required for many years and you will no doubt have implemented systems to deal with this. However it is easy to overlook SG payments if you are employed by your own company or trust.
It is important to note that a payment will be required by 30th October 2017, covering at least the SG requirement for the July–September 2017 period. Note that the rate remains at 9.5%.
The consequences of being late with any of the SG payments are that the payment becomes non-deductible and various other penalties arise. Accordingly, we suggest you 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.
If you plan to make maximum superannuation contributions to your own fund this is the best time of year to do so. If applicable it will cover the superannuation guarantee for the whole year. It will also put the money into the best tax position as early as possible.
Please contact us if you have any queries regarding this.
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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.