The government announced that it is introducing a one-off, 12-month amnesty for historical underpayment of super guarantee.
To access the amnesty, employers must pay all that is owing to their employees, including nominal interest. However, penalties for late payment will not be applied during the amnesty period.
Employers that do not take advantage of the amnesty will face higher penalties when they are subsequently caught – in general, a minimum 50 per cent on top of the SG Charge they owe.
In addition, throughout the amnesty period the government has stated that the ATO will continue its usual enforcement activity against employers for those historical obligations they do not disclose voluntarily. Subject to passage of the Bill, the amnesty will run for 12 months from Thursday 24 May.
Want to take advantage of the amnesty period?
Call us at Robert Goodman Accountants on 07 3289 1700 or email us at reception@rgoodman.com.au. Source: Thomson Reuters. Brought to you by Robert Goodman Accountants.
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