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End of Financial Year looms

The end of the 2011/12 year is upon us, with less than two weeks to go.  Now is a great time to get any outstanding affairs in order, including making extra payments to your super fund, filing all your reciepts and preparing your documents for your tax return.

Even if you do not intend to do your tax return for a few months, take some time out this month to organise yourself and your business – it will make life easier down the track!

Posted on 18 June '12 by , under Business.

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Amnesty means that 24,000 businesses own up to underpaying Aussies superannuation

An amnesty scheme which ended earlier this month has caused around 24,000 businesses to admit to underpayment of their worker's super. A total of 588 million dollars will be distributed to almost 400,00 individuals.

The scheme, which covered payments from the introduction of super in 1992, gave employers the opportunity to come clean without any consequences as long as they paid the unpaid super as well as 10% interest for every year the money was overdue.

The ATO will be directing its attention at any businesses that did not admit fault and these businesses will face severe penalties.

Many individuals are looking to access their superannuation early in order to have support during these times. Although there is criticism of early access to super, this facility has been helpful to many families to keep afloat.

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