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Archive for October 2013

‘BAS Service’ definition expanded to include SGC services

The Tax Practitioners Board is responsible for the registration and regulation of tax practitioners, which includes Tax Agents and BAS Agents.

Earlier this year, the TPB broadened the definition of ‘BAS Service’ to include services in relation to such items as Taxable Payments Reporting (Construction Industry Contractor Reporting), and also Superannuation Guarantee Charge (SGC) services.

What this means in practice is that your bookkeeper should now be competent in, and is expected to advise you on, the correct procedures for paying superannuation, lodging the Superannuation Guarantee statement, and paying any Superannuation Guarantee Charge (if applicable).

It’s important to understand that superannuation payments MUST arrive in the bank account of the super fund by the due date, and if payments are late by even a day, you are required to lodge the Superannuation Guarantee Charge statement and may be subject to sanctions. Directors also become personally liable for any unpaid superannuation.

If you have any questions about your superannuation obligations, make sure you speak to your bookkeeper or accountant about this very important issue. This is definitely an issue which only gets worse if not addressed immediately.