Bob gets a huge shock !!!

His bookkeeper who organises superannuation payments for him and his employees paid his employees superannuation late.

His accountant picks this up and tells bob he will need to prepare and lodge a sgc statement and pay the superannuation guarantee charge.

No worries thinks bob. “I paid the super after finding out and everything is now up to date, might be a small penalty but should be sweet”

What bob didnt realise is that 10 of the employees had worked a lot of overtime during covid as they had some building works to be done for a supermarket chain.

Demand was through the roof.

When his accountant prepared his sgc form he almost hit the floor.

This doesnt make sense !!! You dont pay super on overtime.

Ahh but bob but the sgc is slightly different.

Dont be late on your super.

Like Bob you might end up with an unwelcome surprise

Maybe you are interested in What to Provide Your Accountant with respect  to your rental properties ?

https://www.propertytaxsolutions.com.au/property-tax-specialist/