Previous to 1 April 2019, the Director Penalty Notice (DPN) scheme dictated that directors must report their superannuation within 3 months from the end of each quarter. This timing was applicable for both reporting and/or paying the superannuation amount for the director(s) to meet their superannuation guarantee charge obligations and their PAYG withholding responsibilities.
However, through the Treasury Laws Amendment (2018 Measures No. 4) Bill 2018, this timeframe for reporting superannuation has been changed from 3 months to 28 days’ after the end of the applicable quarter. To avoid personal liability for directors who have received a DPN, directors should understand that the penalty will be remitted if the company pays the outstanding tax or if the company goes into voluntary administration or liquidation.
If you require any assistance in relation to Director Penalty Notices and Superannuation, you are welcome to contact our team of experienced tax accountants by clicking here to submit an online enquiry form or call us on 1300 QUINNS (1300 784 667) or on +61 2 9223 9166 to arrange a teleconference or appointment.