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Late SG contribution tax deductibility issue flagged

Accountants have been warned on a misconception that treating a late superannuation guarantee contribution as non-deductible will deal with an SG issue, without lodging an SG statement.

Late SG contribution tax deductibility issue flagged
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  • Shared by Accountants Daily
  • November 01, 2019
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Speaking to Accountants Daily, TaxBanter senior tax trainer Robyn Jacobson said that, under the law, an employer has an SG shortfall for a quarter if they do not make SG contributions at all or by the due date, meaning an employer who makes an SG contribution even one day late will be liable for the SGC, which is not tax-deductible.

Read more at the Accountants Daily.

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