Published on 27 Oct 04
by THE TAX INSTITUTE
The Institute's members have grave concerns regarding the enormous penalties that can be imposed for mere oversights of the SGC regime. In particular, the penalty regime was originally based on an annual compliance regime which recently (mid 2003) was changed to a quarterly cycle. Many Small to Medium Enterprises, while not intending to overlook their SG compliance may at times get caught out by a matter of days but there is no discretion to accept late contributions to satisfy their SG requirements and the penalty system is harsh and unforgiving.