17 Jul 08 Superannuation guarantee late payment offsetSince 1 January 2006, if an employer paid late super guarantee contributions to a fund they could elect to offset these contributions against their super guarantee charge, providing these payments were made within one month of the super guarantee charge cut-off date (28 April, 28 July, 28 October, and 28 January each year for quarterly lodgments). If the payment was made more than one month late, they were also liable to pay the super guarantee charge, effectively paying the same amount twice (once to the fund and once to the ATO).
Changes to the law that apply from 24 June 2008 will give relief from this double payment situation, while still maintaining a range of penalties that apply if an employer does not pay super contributions for their employees on time. Broadly, employers can use late contributions to offset the nominal interest and superannuation guarantee shortfall components of the superannuation guarantee charge.
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