Important information about a proposed amnesty on Superannuation Guarantee non-compliance
On 24 May 2018, the Minister for Revenue and Financial Services announced the commencement of a 12 month Superannuation Guarantee Amnesty (the Amnesty).
The Amnesty is a one-off opportunity for employers to self-correct past super guarantee(SG) non-compliance without penalty.
Subject to the passage of legislation, the Amnesty will be available from 24 May 2018 to 23 May 2019.
Employers who voluntarily disclose previously undeclared SG shortfalls during the Amnesty and before the commencement of an audit of their SG 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.
This is a significant concession and the ATO have warned that harsher penalties will be enforced after the amnesty ends. If you think this might apply to you, please take action now or contact us.