A. What to consider as an employer
Superannuation guarantee amnesty (ended 7 September 2020)
1.6 Superannuation Guarantee Amnesty (ended 7 September 2020)
The government's Superannuation Guarantee Amnesty Bill (Treasury Laws Amendment (Recovering Unpaid Superannuation) Bill 2019) Was passed through the Senate on 6 March 2020, almost two full years after it was first introduced to the parliament.
Employers who did not apply for the Super Guarantee Amnesty and have any unpaid or late paid super to disclose, will need to lodge a 'Superannuation guarantee charge statement' and pay the super guarantee charge (SGC).
The bill incentivised employers with a history of superannuation underpayment to "come forward and do the right thing by their employees" by paying any unpaid super in full, without being subject to the normal range of penalties for super underpayment.
Employers found to be underpaying their worker's superannuation will be subject to a minimum penalty of 100% of the SG shortfall they owe-and up to 200% in serious cases-if they fail to get their house in order before the amnesty period ends.
The amnesty allows employers to disclose and pay previously unpaid super guarantee charge (SGC) amounts, including nominal interest, they owe their employee, for quarter(s) starting from 1 July 1992 to 31 March 2018.
In addition, payments of SGC made to the ATO after 24 May 2018 and before 7 September 2020 will be tax-deductible.
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Last modified: Monday, July 4, 2022