While the superannuation story that exploded Sunday claiming employers are underpaying 2.4m workers was more journalism by press release than genuine reporting, it does bringing focus the obligations of all employers in terms of superannuation.
Newsagents need to ensure they are up to date. They should emerge government resources to save time and red-tape. Yu don;t want to find yourself in trouble from an ATO audit.
Superannuation is not something to ignore. There are legal obligations on what has to be paid and when it has to be paid. Ignorance is no defence.
Like all compliance matters, the rogue behaviour of a minority tarnish the rest. In our channel, I know of a couple of sold in distressed circumstances, leaving a superannuation debt yet having plenty for an overseas holiday. yet I know of plenty of newsagents who don’t even pay themselves so they can meet all employee and other obligations on time.
Superannuation is now in the spotlight thanks to the reports driven by a super fund on the weekend. Make sure your house is in order.
Not paying yourself….Noble, naive or stoopid?
The minute you cannot pay yourself is the minute you need to decide to do something drastic…. change the business outlook is the best but in a decaying industry probably not going to happen. Do not go to work every day just to pay everyone else…thats not Noble!