EmployersFIRST

The Federal Government has targeted employer misuse of salary-sacrifice contributions to employees’ superannuation accounts as an area for reform. The Turnbull Government has accepted a recommendation of the Superannuation Guarantee Cross Agency Working Group to close a loophole that enables employers to use money contributed by employees in salary-sacrifice arrangements to meet or reduce their […]

The Australian Taxation Office (ATO) has its sights set on employers who fail to pay Superannuation Guarantee on time. According to the ATO, 7 – 8 % of employers fail to pay on time or don’t pay the required amount of their employee’s superannuation contributions. To address the issue, from 1 July 2018 the ATO […]

Payroll processes are set to change for Australian business in coming years with the phased introduction of Single Touch Payroll (STP). Driven by the Australian Taxation Office, STP aims to deliver real-time data collection of payroll data, namely tax and superannuation information, to improve compliance and transparency in the payroll process. Announced in 2017, the […]

Employers are reminded a contribution does not become a contribution until it is actually received by a superannuation fund. This confirms the ATO’s view that contributions made by electronic funds transfers occur when the amount is received by the superannuation provider or credited to the relevant account. The fact that money has left an employer’s […]