Quarterly payments of the superannuation guarantee (SG) have now been required for several 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 28th October 2012, covering at least the SG requirement for the July–September 2012 period.
Clients who made an annual payment of their 2010/11 SG requirement in October 2011 may wish to make a similar payment in October 2012, covering the SG requirement for the full 2012/13 year.
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.
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.