Subject to new law, a Superannuation Guarantee (SG) Amnesty is available to employers until 23 May 2019 - giving you the opportunity to make catch-up SG payments without penalty.
The legislation has not been passed but you can access this Amnesty now.
If you make payments under the Amnesty but the legislation is not passed:
- you will be required to pay the administration component
- you won't be able to claim a deduction for the catch-up payments
- the ATO will remit the penalties.
Once the law is passed:
- catch-up payments are tax-deductible
- the penalties that normally apply to late payments will be waived
- the administration component of the SG charge is not payable.
The Amnesty does not apply to SG payments due after 1 April 2018.
Employers who are not up-to-date with their SG payments and who don't come forward during the Amnesty may face higher penalties in the future.
How to access the Amnesty:
Check you have correctly paid SG for all your employees.
If you haven't, complete the form and make the catch-up payments. If you are unable to pay the ATO will work with you to arrange a payment plan. If you can pay in full, pay directly to the fund.
Find out more here.
If you have any questions or need assistance please contact Toni Brunsgard of our office on 9387 5637.
Source: ATO Small Business Newsroom