Super Guarantee Amnesty Now Law

26 May Super Guarantee Amnesty Now Law

In May 2018 the Government announced that Employers who have not paid their superannuation guarantee (SG) in the past now have a one-off amnesty from penalties to make good on their compliance.

In addition, business would also be allowed to claim a tax deduction for the payments which would otherwise be non-deductible.

This Bill received royal assent on 6 March 2020. Therefore, the amnesty will apply to disclosures made between 24 May 2018 and 6 September 2020.

The amnesty applies to the disclosure of unpaid superannuation for the period starting 1 July 1992 to the quarter ending 31 March 2018.

The normal rules apply for non-payment of superannuation after this period.

If you have any questions regarding SG Amnesty, don’t hesitate to contact us on 02 4926 2699.

Forsythes Business and Financial Advisors
info@forsythesadvisors.com.au
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