A good sign of problems in the business are that you are behind in your superannuation for staff, and it is one area that things can escalate quickly.
- Industry funds
Where you have staff that are members of an industry fund, if payments are made late, the fund can commence recovery proceedings, either through court processes or formal demands.
- ATO intervention
With data matching improving, there is a mechanism that allows the ATO to identify underpayments and to take steps to recover these amounts, as it is a simple measure through the BAS.
Where the ATO sees underpayment or non payment, they can either audit the employer or make a default assessment for payment.
More information? To find out more, give us a call on 1300 023 782 or email team@cdrta.com.au.
The team at C&D Restructure and Taxation Advisory are here to help. As part of the Vault Group we can offer the full suite of financial products and advice to help you navigate the business landscape. Schedule a meeting here via Calendly or give us a call on 1300 1 VAULT (1300 182 858)
Craig Dangar
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