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Business Financials – Directors liability for employee entitlements – Beware!
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Published on Thursday, 23 July 2015 17:31
Business owners beware! - Directors have a liability for employee entitlements of their company's Superannuation Guarantee (SG) left outstanding. According to the Australian Taxation Office (ATO), companies have two weeks to ensure their super guarantee obligations are up-to-date for the June quarter - otherwise directors could end up paying the guarantee themselves. "These new laws protect people's retirement incomes from employers who deliberately try to avoid their superannuation obligations," Tax Commissioner Michael D'Ascenzo said. And further on he encourages companies that are having difficulties in meeting their super obligations to contact the ATO and make a plan to get up to date. Consider also that under the Director Penalty Regime, if a company is unable to fund its obligations, the director may be required to place the company into liquidation or voluntary administration. READ MORE at Money Management. For more generally at the ATO web site, GO HERE.
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