What happens if you overpay payday super? The ATO has answers
With payday superannuation just days away, the ATO on Friday confirmed employers will not be able to ‘claw back’ those overpayments.
For months, the Australian Taxation Office (ATO) has warned businesses not to fall short of their payday super obligations.
Now, it has responded to the opposite problem: employers accidentally paying too much super guarantee each pay cycle.
With payday superannuation just days away, the ATO on Friday confirmed that employers will not be able to ‘claw back’ those overpayments.
Instead, excess superannuation guarantee (SG) payments for any one employee will be allocated to the nearest payday where the super guarantee has not been paid in full.
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