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Monthly tax tip:
If you are an employer then you should know that there have been some recent changes to the superannuation guarantee for employees. The old rate of 10% has now been increased to 10.5% and will increase each year for the next 3 years. This added expense for employers could mean a slower rate of payment for this super liability if it has not been included in the budget for your business. It is important to note that superannuation paid late will result in NO tax deduction! It will also require an SGC statement to be lodged and penalties/charges would be payable. Superannuation should be paid for all adult employees at the minimum rate, 28 days after the end of the quarter. You could also start paying super monthly to spread out the liability throughout the year and to assist your cash-flow.
If you would like to schedule a consultation with us, then please jump onto our website where you can see our availabilities and book a time that suits you.
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