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Superannuation choice of fund penalty rules.
Australasian Business Intelligence, May, 2005
May 23, 2005 (Intax - ABIX via COMTEX)
Employers who fail to comply with the superannuation choice of fund rules will be penalised. In such circumstances, the Australian Taxation Office may increase the employer's quarterly superannuation guarantee by 25 per cent. The penalty will be calculated by using the formula in section 19(2A) of the Superannuation Guarantee (Administration) Act 1992. The amount of choice shortfall penalty has a $A500 cap per employee.
Publication Date: May 2005
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