Streamlining Superannuation Guarantee Compliance with STP Data
Since the introduction of Single Touch Payroll (STP) phase 2, the detailed information available to the ATO is significantly greater.
With the benefit of this higher level of reporting, the ATO is taking steps to improve super guarantee (SG) compliance by merging STP data with information sourced from super funds. This integration allows the ATO to closely monitor SG obligations with the overarching goal of safeguarding the retirement savings of yours and your employees.
SG compliance is crucial to a strong superannuation and retirement system in Australia and businesses must play their part.
Our recommended key compliance reminders:
Ensure SG payments are made in full, on time and to the correct fund
This applies even if your business uses an intermediary e.g. clearing house
If payments are late, you must submit a superannuation guarantee charge (SGC) statement specifying allocation of unpaid super amounts
If discrepancies or SG shortfalls are found, the ATO may contact your business with relevant information allowing you to rectify errors with SG contributions.
Prompt error correction is crucial. Ensure timely, accurate reporting and maintain comprehensive records.
Your commitment to SG compliance secures the financial well-being of your employees and also keeps your business on par with compliance standards.
For more information about the use of payroll STP data with respect to superannuation, visit the ATO's page on "Expanding the use of STP data."