ATO increasing audit activity on superannuation contributions

You must pay the right amount of super for all your eligible employees by the quarterly due date. If you do not, there are additional costs and reporting requirements i.e. you must lodge a Superannuation Guarantee Statement with the ATO and you must make the payment to the ATO. Penalties and interest will apply. The amount paid to the ATO is not deductible.

 Whether you're paying super weekly, monthly, or quarterly it's important to check that the super guarantee (SG) you pay takes into account changes that started on 1 July 2022. These were: 

• the increase in the SG rate from 10% to 10.5%
• the removal of the $450 per month eligibility threshold when paying SG.

You must have applied these changes to all the salary and wages you paid from 1 July 2022, even if some of the pay period they related to was before 1 July 2022.

Article posted 4 October 2022