Is your superannuation in order?

Written on the 23 February 2012 by Macmillans Waller Fry - Accountants

Superannuation payments should not be missed even if small businesses are having tight cash flow problems. The Australian Taxation Office (ATO) has proposed new laws aimed at cracking down on employers. Despite difficult market conditions, employers should not resort to deferring worker superannuation payments.

This is due to heavy penalties and new laws. Businesses that fail to pay employees’ super by 28 days after the end of a quarter must pay interest on the missed payments and an administration fee. They are also unable to claim the super payments as a tax deduction which is a major disadvantage. In 2011, the ATO pursued 10,000 cases involving small employers with unpaid superannuation and as a result reclaimed $152 million. 


Author: Macmillans Waller Fry - Accountants

 

“Building a Better Tax system” What does this mean for you?

The Australian government has launched the Better Tax campaign in order to help inform the public of tax reforms coming into effect. Designed to “better Australia”, here is a look at what this plan is and its meaning for you. What it is:The Better Tax initiative is designed to help prevent bi...
Read More...


Payday loan apps and websites; the pros and cons

Personal loans have become a fast-growing financing option for consumers, with payday apps and websites gaining popularity. For aid between paychecks, payday loans can be very helpful for the pay cycle lull. Taking out a loan is not something to enter into lightly though, there are many variables...
Read More...

associations

 

 

Who we are

 

What we do

 

Macmillans - Accountants

Address:40 Church Street

Maitland NSW 2320

Phone:02 4933 4444

Fax:02 4933 7781

Email

 

Online PaymentContact Us