Superannuation Guarantee Amnesty is here!
The Government has introduced legislation to complement the superannuation guarantee (SG) integrity package already before Parliament by introducing a one-off, 12 months amnesty for historical underpayment of SG.
The Bill encourages employers to present themselves up to do the right thing by their employees by paying any unpaid superannuation in full, as well as the high rate of nominal interest (excluding the penalties for late payment that are normally paid to the Government by such employers).
Employers that miss the amnesty may face higher penalties when they are caught subsequently. The charges will be a minimum of 50% on top of the SG Charge owed. From business’s perspective, this is a great deal to all employers who have missed or short in paying superannuation guarantee with no further delay.
Throughout the amnesty period the ATO will still continue its usual enforcement activity to scour against employers for those historical obligations they don’t own up to voluntarily.
Amnesty period will run for a long 12 months from 24 May 2018 onward. All employers are encouraged to grab this opportunity to clean up their SG accounts.
At Verus Accountants and Advisors, we provide services in managing superannuation advise. Our superannuation experts can help to mitigate the hassles in managing superannuation; abiding by the law. With the right investment, the focus in business growth can be much more effective and undivided. Contact us today to find out how.