I am completing Super Guarantee Charge (SGC) Statements, for the past 6 years, relating to underpaid super on a superable allowance that was set up incorrectly in our payroll as non-superable.
I know the SGC statement automatically calculates the nominal interest however, on the Totals worksheet tab there is a statement: 'This nominal interest cannot be remitted and is paid directly to the employee's superannuation fund'.
Can you please clarify what this means?
Given the shortfall dates back 6 years there are many employees who are no longer employed. Therefore, it makes sense to direct all payments to the ATO rather than the super funds as we do not have access to their current super funds.
Finally, we pay a much higher super rate as per our EA, can the entire shortfall due on the allowances be paid direct to the ATO?
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