Welcome to another episode of BKPod, brought to you by ABN. This episode is packed with crucial updates and insights into superannuation, cyber security, and payroll management. Here’s what’s covered:
- Superannuation Guarantee Charge (SGC) - Kelvin Deer:
- Superannuation Payments: Employers must pay 11.5% of an employee's ordinary time earnings into their super fund by the 28th day of the month following each quarter. If payments are missed or late, employers must lodge a Superannuation Guarantee Charge (SGC) Statement.
- SGC Components: Includes the shortfall amount (unpaid super), nominal interest (10% per annum from the start of the quarter), and an administration fee ($20 per employee per quarter). Payments made late don't eliminate the need for an SGC statement but can be offset against the charge.
- Filing and Penalties: SGC Statements are filed online. Late payments may incur additional penalties, including a Part 7 penalty of up to 200% of the charge. Educating clients on timely payments and utilizing reminders or automated systems can help avoid these issues.
- Overlinking and Cyber Security - Peter Thorp & Kerrie Jarius:
- What is Overlinking?: A form of cyber fraud where criminals create fake MyGov accounts and link them to victims' ATO and Services Australia accounts. This can lead to unauthorized changes in bank details and fraudulent claims.
- Prevention Tips: Secure MyGov accounts by linking them to a strong MyGov ID. Be cautious of identity theft and ensure accounts are protected. Regularly check accounts and update security measures.
- Superannuation for Minors - Darren Hagarty:
- Superannuation Requirements for Minors: Unlike adults, minors must work more than 30 hours per week for superannuation guarantee eligibility. The recent abolition of the $450 monthly threshold means all earnings are now subject to super contributions, regardless of the amount.
Key Takeaways:
- Ensure timely and full superannuation payments to avoid SGC statements and penalties.
- Protect your MyGov account with strong security measures to prevent cyber fraud.
- Understand the specific superannuation requirements for minor employees to ensure compliance.
For more detailed information, including step-by-step guides and further technical resources, refer to ABN’s online materials and technical publications.
What is BK Pod?
Technical. Reliable. Fun.
BK Pod brings you the latest bookkeeping news, industry updates and conversations with industry leaders, Kelvin Deer, Peter Thorp, Kellie Powell and Darren Hagarty. From technical content to current events, BK Pod is an easy to listen to audio experience, packed with essential updates and insights for our bookkeeping community.