Superannuation Guarantee Payments
Why is the ATO going to crack down on Superannuation Guarantee Payments?
$2.85 billion reasons why!
The ATO has announced an estimate SG gap of $2.85 billion, this is the first time the difference between what the expected amount payable by employers and the amount of contributions received has been released.
The size of the gap cannot be ignored, that's a lot of super some employees are missing out on!
Interesting to note there are approximately 20,000 reports of non-payment of SG from employees or former employees each year and the ATO are continuing to find ways to increase the collection of outstanding super payments which are considered to be an important quarterly obligation on businesses.
Needless to say the ATO is now vamping up their proactive SG case work by one third this financial year. They have also improved their analysis and are working closely with other government agencies in exchange of information.
They obviously have a lot of incentive to do so!