Tax office spotlight on super to continue

The Australian Taxation Office’s (ATO) renewed focus on super is set to continue in 2020 with one of their key priorities being to improve the ability of employees to access their super information.

The ATO says its goal is to improve access to information in the super system, which will help employers meet their obligations and assist employees to check their account to see if their contributions are being paid.

Data-driven insights

The ATO plans to use the increasing amounts of data it’s collecting to guide its approach to the super industry. One area it’s focusing on is quarterly payments of super guarantee (SG) contributions by employers. By using contribution data collected from super funds and matching it to the Single Touch Payroll (STP) data collected from employers, the ATO has started to proactively send ‘nudges’ to employers who are late paying their quarterly SG contribution payments.

Last year this approach was piloted with a small sample of 85 employers who were contacted about their late payment of SG. After being contacted, approximately 50% of these employers lodged and paid the outstanding SG to the ATO for their employees.1

Besides expanding this approach, the ATO will also focus on early intervention to prevent incorrect SG payments. For example, the ATO’s health check conducted at every payroll event submitted through Single Touch Payroll will help it notice instances where an employer might not be correctly calculating SG payments, allowing the ATO to help the business fix the mistake before the amount is due for payment.

A copy of the presentation from the ATO at the ASFA National Policy Roadshow which addresses a range of superannuation issues and the ATO’s approach is attached.

Resources to help   
 
To help keep you up-to-date with your obligations and what’s involved with paying your employees’ super, the ATO has launched an online course –  Super Guarantee Employer Obligations .
 
Did you know, Rest offers two easy options to submit contributions electronically to Rest. Our online portal, Employer Access, is purpose-built to take the hard work out of meeting your super obligations. It also offers you a free clearing house so you can pay and manage all of your employees’ super no matter what super fund they choose.
 
Need more information?
 
If you have any questions, you can contact Rest’s employer contact centre on 1300 305 775 between 8am -10pm (AEST) Monday to Friday or live chat to one of our agents at rest.com.au.


1 ‘Presentation to the 2019 ASFA National Policy Roadshow’, ATO’s Superannuation – a system in transition (2019), https://www.ato.gov.au/Media-centre/Speeches/Other/Superannuation---a-system-in-transition/

The above information was taken from the Australian Taxation Office. All information is current at January 2020. The material is intended to be of a general nature and does not constitute legal or financial advice and should not be relied upon as such. You should seek independent advice on how the above information relates to your circumstances. Rest is not responsible for the accuracy of the information in this article.