October to December super – authorise now!

If you haven’t already, now is the time to authorise super payments for you employees (this includes you as a director). Funds must reach the employees account by 28th January and it takes a long longer than it ought to be processed, and there is a public holiday this month.
We recommend authorising super now to be on the safe side. Penalties are harsh for late payment. To start with, the cost is no longer tax deductible to your business, super becomes payable on all types of wages (overtime suddenly needs to be included in ‘wages’), you’ll need to pay interest to compensate your employees for lost earnings and pay fines to the ATO.
So sort out your cashflow and pay now!