New law proposed strengthening ATO’s powers: Are you ensuring that your employees get their Superannuation entitlements?
The Government is currently seeking submissions on an exposure draft of the Treasury Laws Amendment (Taxation and Superannuation Guarantee Integrity Measures) Bill 2018 (the draft Bill). The draft Bill strengthens the powers of the Australian Tax Office (ATO) in relation to the payment or non-payment of the Superannuation Guarantee and makes some related compliance changes. In today’s article, we summarise the five key changes in that draft Bill. To ensure that you are fulfilling your existing Superannuation Guarantee obligations make sure you consult professional tax advice. By Dr Drew Donnelly, Compliance Quarter Background to the Superannuation Guarantee Superannuation Guarantee is the amount that an employer is required to contribute towards an employee’s superannuation. It is payable quarterly and if an employer fails to pay they are liable to pay a…