EMPLOYEE SUPERANNUATION NOT UP TO DATE? TAKE ADVANTAGE OF THE ONE YEAR SUPERANNUATION GUARANTEE AMNESTY!

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The Turnbull Government have announced a one-off opportunity for employers to self-correct past Superannuation Guarantee (SG) noncompliance without penalty.

Employers who voluntarily disclose previously undeclared SG shortfalls during the Amnesty and before the commencement of an SG audit will:

  • Not be liable for the administration component and penalties that may otherwise apply to late SG payments; and

  • Be able to claim a deduction for catch-up payments made in the 12 month period.

To use the amnesty Employers must pay ALL that is owing to their employees, including the high rate of nominal interest and any associated general interest charge. 

Subject to passing of legislation, the amnesty will run for 12 months from 24th May 2018.

Employers that do not take advantage of the amnesty will face higher penalties when they are caught.  This is normally charged at 50% on top of the SG Charge they owe.

If you would like to discuss this further, please contact our office.