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Superannuation Guarantee Charge - Penalty Regime in Need of Revision

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.

Author profile:

Author Photo - Neil Earle CTA-Life
Neil Earle CTA-Life
Neil is a Director of Earle and Company Pty Ltd Chartered Accountants, Camberwell, Victoria. Neil has over 30 years experience advising a wide range of businesses and individuals on taxation and business matters, particularly in the SME tax and accounting area of public practice. Neil was the National President of the Taxation Institute from March 2004 to March 2005. Current at 01 October 2008 Click here to expand/collapse more articles by Neil EARLE.
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