Each year the ATO identifies several industries where employers have a higher risk of not complying with their super obligations.
In 2012, the ATO will focus on the following high-risk industries:
- cafes and restaurants
- real estate services
- carpentry services.
Typical mistakes that have been identified by the ATO include:
- paying insufficient super contributions
- missing the quarterly cut-off dates for payment
- failing to meet super obligations for contractors,
- not keeping accurate records
- not providing an employee’s tax file number on to their super fund.
The Government has recently introduced draft legislation proposing to increase directors obligations in relation to employee superannuation.
The proposed changes operate to extend penalty regime to make directors personally liable for unpaid superannuation guarantee amounts and ensuring that directors cannot escape their director penalties by placing their company into administration or liquidation.
The amendments also serve to make directors personally liable when unpaid PAYG withholding or superannuation guarantee remains unpaid three months after its due date.
Company directors now have to deal with an ever changing legal landscape. This means increased understanding of tax, superannuation, human resource and company laws.
These recent changes significantly increase the onus on directors to become aware of what these new laws mean. Many of these issue will affect you and your business. Please contact our office to discuss how you can reduce your personal exposure.
