Contact Details

IGnite Accountants & Financial Services
Level 1, Suite 3

14 Sydney Road
Manly NSW 2095

Phone: (02) 8005 0380

TA 25191303

2050064

©2016 by IGnite Accountants & Financial Services. 

3338

Archive

Please reload

Tags

Please reload

Have an employee who doesn't have a super fund, what does this mean for employers.

November 9, 2017

Well unfortunately the requirement is on the employer to ensure that you have paid all the required super by the 28th of the month following each calendar quarter. 

 

With super stream now up and running, employers needs to lodge there super payments through an ASIC clearing house. This data is then compared to the employers BAS return and alerts the ATO to non compliance and then an investigation.

 

We will not go into the details here on the penalties applied but you can read further here if you need to.

 

So what are the options, our recommendations are that you issue all new employees with a new starter form, which can be found in our resources section. If by the end of the quarter the employee hasn't provided there super fund details then you are required to set one up for them to pay there super entitlement into. 

 

There are a number of ways you can achieve this and they are as follows:

1. Setup and employer account with an industry super fund. 

2. Engage your financial planner for assistance.

3. Instruct your accountant to automatically create an account with an agreed industry fund to process the super to prior to the deadline. 

 

If you need more assistance in this area get in contact with your IGnite accountant who will be able to help you setup the systems and processes to ensure you comply with these contribution deadlines.

 

Please reload

Recent Posts

Please reload