ATO Ramps Up Superannuation Compliance

In the 2022-2023 financial year, the ATO reclaimed $1.13 billion in Super Guarantee Charges, penalties for companies that fail to pay required super contributions on time. 

This substantial recovery highlights the ATO’s commitment to safeguarding employees' retirement savings, reinforces the necessity for timely super contributions by employers, and serves as a reminder for you to keep a close eye on your super.

The ATO's strategy: compliance and recovery

The ATO's approach was multifaceted, combining rigorous audits with proactive support for employers. This strategy not only aimed at recovering unpaid superannuation but also at educating and assisting employers to prevent future non-compliance.

Key highlights of the ATO's approach include:

  • SGC recovery. The ATO's efforts resulted in the recovery of $1.13 billion in Super Guarantee Charges, highlighting the effectiveness of their compliance measures.
  • Audit and enforcement. They conducted over 14,000 audits related to the Super Guarantee, following up on both employee complaints and employer disclosures.
  • Proactive employer support. In a preventative approach, the ATO provided assistance to approximately 134,000 employers, offering reminders and guidance to ensure they understood and met their Super Guarantee obligations.
Infographic from the ATO website with stats regarding their superannuation compliance efforts between 2022-2023
Source: Australian Taxation Office

What does this mean for you and your super?

The ATO's actions in superannuation compliance have a direct impact on ensuring your super is managed correctly. If you have concerns about your super, here are practical steps you can take:

  • Review your super statements regularly. This helps you stay informed about your contributions and catch any discrepancies early.
  • Discuss with your employer. If you notice anything unusual, start by talking to your employer. Many issues can be resolved with a simple conversation.
  • Contact the ATO for help. If your concerns persist or you're not satisfied with your employer's response, the ATO can assist. They offer a confidential process to investigate and resolve issues with super contributions.
  • Use ATO's resources. The ATO provides tools like the Superannuation Guarantee Eligibility Decision Tool, which can help you understand your rights and the actions you can take.

By taking these steps, you can actively ensure your superannuation contributions are being handled properly.