With the recent rollout of Single Touch Payroll (STP) Phase 2, the Australian Taxation Office (ATO) can now monitor superannuation guarantee (SG) contributions in more detail than ever. This highlights the need for careful and timely superannuation payments.
This is what you need to know so you can stay compliant.
Timely Super Payments Are Now a Priority
The ATO is closely monitoring superannuation payments in real-time, identifying late contributions or missed super guarantee reports instantly. To avoid penalties, employers must ensure payments reach employee super funds on time, not just when sent to a clearing house.
Super contributions are due quarterly, and even slight delays can trigger fines. Using a clearing house? Be sure you understand its processing time. The ATO’s new tracking capabilities leave no room for missed deadlines or oversight.
Stay on Top of Super Reporting
The ATO now uses STP2 data to match employer records with super payments, making it easier to spot discrepancies. Errors between reported contributions and actual payments can trigger reviews or penalties.
Business owners should review their reporting processes to ensure all contributions are accurate and timely. Bookkeepers play a crucial role in helping businesses stay compliant by emphasising the importance of precise reporting and meeting super obligations. Avoid scrutiny by staying on top of reporting requirements.
The ATO is Proactively Targeting Super Non-Compliance
With STP2 data, the ATO has become more proactive in identifying discrepancies and late payments early. Issues that might have been missed before are now quickly flagged.
Business owners must stay informed about their obligations; ignorance or misunderstandings won’t excuse non-compliance. Delays or errors could result in penalties, increased scrutiny, and reputational risks.
This shift allows businesses to review their super processes and fix potential issues before they escalate. Staying proactive and accurate is critical to avoiding penalties.
How Your Bookkeeper Can Help You Stay Compliant
Bookkeepers play a vital role in navigating the new superannuation compliance environment. They can:
- Review payment schedules to ensure super contributions are made on time.
- Educate clients on clearing house processing times to avoid delays.
- Double-check SG reporting for accuracy and compliance.
- Emphasise real-time monitoring by the ATO to highlight the importance of timely payments.
By providing practical guidance and reinforcing these changes, bookkeepers help businesses avoid penalties and maintain compliance with the ATO’s updated superannuation rules.
(Article sourced from the Institute of Certified Bookkeepers)
