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On 1 April, there were changes made to the laws in relation to Director’s responsibilities and superannuation guarantee reporting.
Director Penalty Notices are the tool that the ATO uses to make directors personally liable for Superannuation Guarantee (and PAYGW) liabilities.
Up until this change, a director could only be personally liable (i.e. receive a DPN) for superannuation amounts if the amounts were not reported within three months of their due date.
The new law eliminates the three-month from due date rule for superannuation. Superannuation must be reported by the due date (by 28 days after the end of the quarter).
This means that the opportunity to have the director penalty remitted within the three-month window has closed.
For those keeping up to date with their superannuation liabilities this will have no effect, however, sharpens the pencil for those that have been lax in their superannuation obligations!
If you are falling behind in your obligations, talk to your advisor immediately.
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