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11 Jul 06 Superannuation holding account closed

In a media release issued on 10 July 2006, the ATO said it is concerned employers may be attempting to make deposits to the superannuation holding accounts (SHA) special account despite it closing on 30 June 2006. Deputy Commissioner Raelene Vivian said that employers who are still making deposits into the account may have to pay a charge.

"The charge is not tax deductible and is not just the unpaid superannuation contribution amount, but also nominal interest and an administration fee," Ms Vivian said. "It is important employers make alternative arrangements with a superannuation fund or retirement savings account before the next superannuation contribution due date of 28 July."

For a copy of the ATO media release, No Nat 2006/25, 10 July 2006, go here

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