What are the penalties for late super payments? Even if 1 day late

[@evolutionclouds]

One of our clients had a super audit. The lady at the ATO disclosed to me that after the Super Amnesty expired the SG Charge date also became very important for the imposition of the Part 7 penalty Internally they were instructed that if an Employer lodged an SG Charge by the SG Charge date, the Part 7 penalty would always be nil. However, after this date upon an audit, they were basically told to impose at least 100% of the SG Charge! So scary stuff if an audit is issued and the employer has not paid super!

[@TwelveAccounting]

most i have dealt with it is a standard 20% penalty, and they explain they are doing a great favour only charging 20%. derek

[@Harry-pf7ku]

Very very clever! Brilliant tip! Never heard of this one before 👏👏👏👏

[@bakerytrialvideos5536]

learnt so much, thank you

[@melindakoth6869]

Can you do a video on the same subject but utilizing the "Late Payment Offset" vs the "Carrying the payment forward as a prepayment for a future quarter"

[@adrijanlaughton2142]

Great information

[@thesavingsproject]

Ive just had my employer not pay my super and withheld tax but didn't pay it. They have already been audited... I wouldn't want to be them rn.

[@TwelveAccounting]

Single Touch Payroll has given the ATO plenty of information on employees not doing the right thing. derek

[@tysont2380]

When is GIC deductible. When GIC is debited to an ATO account or When it is paid

[@TwelveAccounting]

when it is debited to the account. derek

[@tysont2380]

Is the super shortfall the unpaid super as at the supe due date. Or the unpaid super including payments after the super due date

[@TwelveAccounting]

Nominal interest is calculated on both. derek

[@tysont2380]

Just for extra knowledge what section of the itaa97 make the sgc non-deductible

[@TwelveAccounting]

the ATO doesn't specifically reference the tax act when they note that the SGC is not tax deductible, however it is specifically mentioned as being non-tax deductible in the Treasury Laws Amendment (2018 Superannuation Measures No. 1) Bill 2018. derek

[@jimwang9491]

What happens if the company doesn't have employee or not salary payment and super payment??

[@TwelveAccounting]

if there are no employees, no super guarantee. However, the directors of the company are deemed employees and payments to them may be subject to superannuation

[@tysont2380]

Does the employee get the nominal interesr

[@TwelveAccounting]

yes, the nominal interest is passed onto the employee. derek

[@mapleyer]

Thanks for the info. ATO SG calculator does not allow input cents, so 1000.5 becomes 1000. As a result the SG based on ATO is 5 cent short. would this be a problem?🤣Or should be rounded up to 1001?

[@leonardrodney9152]

I dont mean to be so off topic but does someone know of a way to get back into an instagram account?? I was stupid lost my login password. I would appreciate any help you can offer me

[@paytonrhys8579]

@Leonard Rodney Instablaster ;)

[@leonardrodney9152]

@Payton Rhys Thanks so much for your reply. I found the site through google and Im in the hacking process atm. Looks like it's gonna take a while so I will reply here later when my account password hopefully is recovered.

[@leonardrodney9152]

@Payton Rhys it worked and I actually got access to my account again. I'm so happy:D Thank you so much, you really help me out!

[@paytonrhys8579]

@Leonard Rodney Happy to help :D