16 Mar 099 Minister welcomes changes to SGC late payment offsetIn a media release issued on 13 March 2009, the Minister for Superannuation and Corporate Law, Senator Nick Sherry, welcomed the successful passage through Parliament of the Tax Laws Amendment (2008 Measures No 6) Bill which includes amendments to amend the operation of the Superannuation Guarantee late payment offset.
The existing late payment offset allows an employer who makes a late SG contribution into a superannuation fund to reduce their SG charge liability for a quarter. This ensures employers are not required to pay the SG contribution twice (once to the fund and once to the ATO).
"The amendments in this Bill ensure that an employer will only be able to use the offset if they make SG contributions before they are assessed with the superannuation guarantee charge liability. This measure provides an incentive for employers to make their super contributions in a more timely manner, while still providing employers with the option of using the offset to reduce their superannuation guarantee charge liability," Senator Sherry said.
For a copy of the Minister's media release, No 2009/021, 13 March 2009, go here.