SBDC e-news – February 2018
The Federal Government is planning a crackdown on businesses that don’t pay their employees’ superannuation, with penalties ranging from hefty fines to 12 months imprisonment.
Under new laws proposed to come into force in July 2019, the new Single Touch Payroll program will apply to all employers requiring them to provide information on payments of employee entitlements. This will allow the Australian Taxation Office (ATO) better access to real time information on an employer’s superannuation obligation, leading to earlier detection of non-payments.
The Government is also looking to introduce a Director Identification Number to help track directors who are not paying their employee superannuation obligations.
The draft legislation and supporting materials are now available for public comment.