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If superannuation guarantee payments are incorrect, employers can face several serious consequences. They may incur significant penalties and interest charges imposed by the Australian Taxation Office (ATO) for underpayment or late payment. Additionally, employers might be liable for the superannuation guarantee charge, which includes the unpaid super, penalty interest, and administrative fees.  

Persistent non-compliance can lead to legal action by the ATO, resulting in further financial and reputational damage. Moreover, failing to meet super guarantee obligations can harm an employer's reputation, affecting relationships with employees and stakeholders, and potentially impacting overall business operations and growth.

We recommend conducting a historical superannuation review (Superannuation Remediation) initially to ensure balances for any Always on Compliance are accurate and correct. This will position you and your company optimally for ongoing compliance.

Incorporating a step for frequent reviews of superannuation charges helps to ensure that what should have been paid aligns with actual payments made. Yellow Canary’s Superannuation Compliance tool is instrumental in managing these obligations.

The technology automates the calculation of superannuation guarantee amounts and identifies any variances in payments, helping to ensure contributions are both accurate and timely. The tool calculates shortfall, interest and administration fees to identify total SGC liabilities owed to the ATO. The tool also simplifies the preparation and submission of superannuation guarantee charge statements for any late or underpaid superannuation payments, streamlining the reporting process to the ATO. By providing detailed insights at the individual employee level, the tool reduces the risk of human error and helps employers ensure that employees receive the correct amounts owed. Yellow Canary's tool improves compliance accuracy, mitigates risk, and supports informed decision-making, helping employers efficiently adhere to superannuation compliance.

Our superannuation compliance tool offers comprehensive data management including the storage and integration of employee information and historical employment data. This gives accurate insight when identifying previous underpayments and overpayments of superannuation guarantee for remediation projects.

Our Superannuation Compliance tool provides real-time monitoring and adaptability to superannuation requirements. It provides analytics of superannuation guarantees to help employers anticipate changes and adjust compliance criteria, minimising the risk of non-compliance. Leveraging machine learning and AI capabilities, you can identify patterns and correlations within your data to get actionable insights into the root causes of payment delays.

This proactive, automated approach creates a framework where compliance remains consistent and reliable across various employee scenarios, improving or maintaining overall organisational efficiency, risk management and employee morale.

The Superannuation Compliance tool can be utilised as a standalone product with Yellow Canary. Navigating Modern Award/EA compliance and long service leave compliance come with their own individual complexities and risks, which we encourage you to consider within your governance framework.

Yes, Yellow Canary’s Superannuation Compliance tool supports quarterly reviews. It enables employers to conduct regular checks on superannuation guarantee payments and compliance, supporting that contributions are accurate and up to date. The tool provides real-time insights and detailed data, facilitating efficient management and prompt quarterly resolution of discrepancies. This proactive approach helps maintain ongoing compliance and supports informed decision-making.

Yellow Canary’s Superannuation Compliance tool reviews pay codes to support employers in ensuring that superannuation contributions are accurately calculated and aligned with applicable regulations. If incorrect pay codes are used, we collaborate with you to identify the correct superable/OTE (ordinary time earnings) pay codes on the platform. This ensures superannuation is paid on the appropriate pay codes, maintaining compliance and accuracy in contributions.

Yes, Yellow Canary's Superannuation Compliance tool can identify both superannuation guarantee (SG) shortfalls and nominal interest. The tool analyses payroll data against SG obligations to detect any shortfalls in contributions. Additionally, it calculates the nominal interest that may accrue due to underpayments or late payments, helping employers address these issues and get support for superannuation compliance.

Yes, within the dashboard, you can categorise the data into ‘Offset', for the purpose of monitoring late payment amounts by quarter vs ‘Carry Forward’, for the purpose of identifying pre-payment amounts to apply it to a future quarter. Yellow Canary’s Superannuation Compliance tool can also help you compare the two to determine which is the most cost-effective to apply for your late payment strategy.

The tool provides detailed tracking and reporting on superannuation contributions, enabling employers to monitor the timing of payments. This helps ensure that all contributions are made in a timely manner and allows for the identification of superannuation guarantee and liabilities at the right time.