| Superannuation Contributions ? Double Jeopardy |
| A recent case confirmed the superannuation guarantee rules can result in double payment of contributions. |
The case in the Administrative Appeals Tribunal, addressed the problem of superannuation contributions for two years being paid late. The Tax Commissioner later issued default Superannuation Guarantee Charge Assessments, applied the general interest charge, but remitted the additional penalty to nil.
The Tribunal decided that there was no discretion to prevent the double payment of superannuation by the employer.
Accordingly, it is crucial not to miss the 28th day after the end of a quarter deadline.
And remember at year end that unless the June contribution is paid in June, then no tax deduction is claimable until the following tax year.
9th-June-2005 |
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