This year, the ATO is targeting the management advice and consulting, hairdressing and beauty, and clothing retail industries to ensure they meet their superannuation guarantee obligations. According to ATO Assistant Commissioner Emma Haines, these industries have been identified as being at risk of not meeting their obligations.
She says extra effort is being made to help businesses get their superannuation guarantee payments correct before audit activity focusing on these industries starts in July 2014. Assistant Commissioner Haines notes that contractors may also be eligible for superannuation contributions, even if they have an ABN.
TIP: Employers are entitled to a tax deduction for contributions made to a complying superannuation fund or a retirement saving account (RSA) for the purpose of providing superannuation benefits for their employees. The contributions are only deductible for the year in which they are made.
To maximise the deductions available, employers should ensure that the contributions are paid to their employees’ superannuation funds of RSAs before 30 June.