News & Tips

SGC – Don’t get charged! - 21.10.15

Don’t let SGC get the better of YOU!

Superannuation is a part of life for everyone and especially business owners. Super Guarantee Charge (SGC) is what business owners will have to pay if they do not pay employee super contributions by the due date.

For the September quarter, Super must be lodged and payed by the 28^th of October.

That’s only 1 week away!

For businesses that fail to lodge and pay the entirety of Super Guarantee are liable for the principle, interest and fines until the Super Guarantee Charge Statement is lodged with the ATO, even if the principle was paid.

Some of the payments include:

• SG Shortfall amounts calculated on employee’s salary or wages
• Interest on those amounts (currently 10%)
• And an administration fee ($20 per employee per quarter).

Save yourself both time and money. Let admintechniQs take care of your Super Guarantee lodgement and organise payments to avoid any unnecessary cost for you or your business.

If you do find yourself in the position of owing for SGC the ATO have provided a SGC Calculator for your convenience.