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.