The superannuation guarantee (SG) amnesty received royal assent on 6th March, which is good news for employers with historical unpaid superannuation liabilities and great news for employees who may have missed out on their super payments in the past.
The amnesty runs for six months (to 7th September 2020) and applies to superannuation non compliance for the period 1st July 1992 to 31st March 2018.
One of the big benefits for employers is that the superannuation guarantee charge (SGC) payments will be tax deductible, which usually is not the case for late superannuation payments. Also the $20 admin fee per quarter per employee will be waived and the Part 7 penalty (which can be up to 200% of the original superannuation shortfall) will not apply.
Once the amnesty period ends, a 100% minimum penalty will apply for employers who do not come forward during the amnesty period. The ATO have also indicated that they will come down harder on employers that do not come forward during the amnesty period if they are later found to have unpaid super for the amnesty period when audited.
Employers can visit the ATO website (https://www.ato.gov.au/Business/Super-for-employers/Superannuation-guarantee-amnesty/#Howtoapplyfortheamnesty) to access the SG amnesty application form . A separate from must be completed for each quarter being reported.
If you require any further information in relation to the amnesty please do not hesitate to contact our office on 9387 5637.
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