Superannuation Guarantee Amnesty might soon be available!

|by Linda Bergesen|Self Managed Super Funds

The Minister for Revenue and Financial Services has proposed a 12-month amnesty for employers to catch up on unpaid superannuation. If successful through Parliament, the Amnesty will be available from 24 May 2018 to 23 May 2019.

**What you have to do: **

  • Voluntarily disclose previously undisclosed SG shortfalls during the amnesty
  • Not be subject to an audit of your SG

**What you will get: **

  • No liability for the administrative component & penalties otherwise applicable to late SG payments
  • Tax deduction for catch-up payments made in the 12-month period

The Amnesty applies to previously undeclared SG shortfalls for any period between 1 July 1992 and 31 March 2018. It does **not **apply to subsequent periods.

If you are behind on your SG payments, and do not take advantage of the Amnesty, you may be liable for higher penalties in the future. And with the One-Touch payroll (refer to previous blog on this topic) soon to be implemented, not declaring your super liability will no longer be an option.

**Unable to pay the full amount? **

You can still lodge the payment form, and the ATO will contact you to arrange a payment plan.

If you need any further details, you can contact one of our friendly advisers, who will be more than happy to help you. We can also assist you with completion and lodgement of the relevant forms.

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