Just a reminder that the Super Guarantee Amnesty is still available until the 7th of September 2020.
To take up the amnesty, businesses must come forward and disclose to the ATO before the amnesty expires on 7 September and either pay the unpaid amounts of superannuation in full with interest or put a payment plan in place to do so in the future.
24 May 2018 – 6 September 2020
- Payments made before 24 May 2018 are not eligible for the deduction.
- For employers who applied prior to 6 March 2020, there is no need to reapply.
During the amnesty period:
- SGC payments made to the ATO are eligible for the deduction.
- SGC liability to be paid in full or a payment arrangement must be in place.
End of the amnesty period
After 7 September 2020
- Benefits can no longer be applied to disclosures received after this date.
- Payments made after this date cannot be deducted.
- Payment arrangements must be maintained to remain eligible.
- A minimum 100% penalty applies to all undisclosed SG amounts for quarters covered by the amnesty.
Eligibility for the amnesty
To be eligible for the amnesty you must meet and fulfil all the following criteria. You must:
- have not been informed the ATO is examining or intends to examine your SG obligation for the quarter(s) your disclosure relates to
- disclose an SG shortfall for an employee that you haven’t already disclosed to us (or disclose additional amounts of SG shortfall for a quarter previously disclosed)
- disclose for quarter(s) starting from 1 July 1992 to 31 March 2018
- lodge your completed SG amnesty form with the ATO so we receive it no later than 7 September 2020.
Note: You will also need to pay the amount owing to the ATO or set up a payment plan after you lodge the SG amnesty form. You need to do this to avoid being disqualified and losing the benefits of the amnesty.
Need more information about the Super Guarantee Amnesty? Click here.
If you have any questions or would like to discuss the Super Guarantee Amnesty for your business, please contact us.