On 24 May 2018, Minister for Revenue and Financial Services announced the commencement of a 12 month Superannuation Guarantee Amnesty.
The Superannuation Guarantee Amnesty (the Amnesty) is a one-off opportunity for employers to self-correct past super guarantee (SG) non-compliance without penalty.
Subject to the passage of legislation, the Amnesty will be available from 24 May 2018 to 23 May 2019.
Employers who voluntarily disclose previously undeclared SG shortfalls during the Amnesty and before the commencement of an audit of their SG will:
not be liable for the administration component and penalties that may otherwise apply to late SG payments, and
be able to claim a deduction for catch-up payments made in the 12-month period.
Employers will still be required to pay all employee entitlements. This includes the unpaid SG amounts owed to employees and the nominal interest, as well as any associated general interest charge (GIC).
The Amnesty applies to previously undeclared SG shortfalls for any period from 1 July 1992 up to 31 March 2018.
For further information and details of how your business can take advantage of the Amnesty, please do not hesitate to contact us on (02) 4928 8500.