The ATO has announced its first use of Single Touch Payroll – allowing an unprecedented level of visibility in relation to superannuation information. The ATO is now ‘heavily focused’ on employers Super Guarantee obligations, after a recent examination of around 400,000 employers.
“From this data, we can already see that between 90 per cent and 92 per cent of contribution transactions by volume were paid on time and that between 85 per cent and 90 per cent of the transactions by dollar value were paid on time,” Mr O’Halloran said in a speech to the Australian Institute of Superannuation Trustees (AIST) 2019 Chairs Forum.
“We’re now starting to actively use the data to warn employers who appear not to be paying the required SG on time, in full or at all, that they should change their behaviour.”
Some highlighted facts from the new SG campaign now underway:
2,500 employers have been identified as having paid some or all of their SG contributions late during 2018–19. These employers are set to be contacted this week.
Reminder notices from the ATO will be sent to a further 4,000 employers.
“It should be noted this is the first direct use of the Single Touch Payroll reporting arrangements, based on what your fund report to us relating to SG payments,” Mr O’Halloran said. “It’s a tangible action which demostrates our increasing ability to effectively follow up in relative real time apparent late or notn payment of SG.”