1ATO and ASIC have released their latest advice on Super for employers and crypto investments.
Late payment of SG for quarter ended 31 Dec 2021
The ATO has advised employers that if they missed or didn’t pay the full amount of their employees’ super guarantee (SG) for the quarter ended 31 December 31 2021, you’ll need to lodge a Super guarantee charge statement by February 28 2022 and pay the SG charge to ATO. It also emphasised that by law, it is unable to extend the due date to pay SG and that even if an employer can’t pay the full amount, they should still lodge an SG charge statement by the due date to avoid a late lodgement penalty. The ATO information also sets out how the SG charge is calculated.
Super: ASIC warning SMSFs and crypto-currencies
ASIC has warned that it has noticed an increase in marketing recommending Australians switch from retail and industry superannuation funds to SMSFs so they can invest in a “high return” portfolio – especially cryptocurrencies. It has stated that cryptoassets are a high risk and speculative investment. As a result, ASIC is reminding superannuation fund members it is best practice to seek advice from a licensed financial adviser before agreeing to transfer superannuation out of a regulated fund into an SMSF.
For more information visit asic.gov.au/about-asic/news-centre/articles/warning-selfmanaged-super-funds-and-crypto-investments/
Re-contribution of COVID-19 early release super amounts
The ATO has issued a reminder that individuals can now re-contribute amounts they withdrew under the COVID-19 early release of super program without them counting towards their non-concessional contributions cap. These contributions can be made between July 1 2021 and June 30 2030. The ATO also stated that individuals can make COVID-19 re-contribution amounts to any fund of their choice where the fund rules allow.