A super guarantee amnesty was introduced on 6 March 2020. Employers participating in the amnesty need to apply by 7 September 2020.
The ATO’s ability to identify underpaid Super Guarantee (SG) has increased through greater data visibility as a result of more frequent reporting requirements by super funds and employers. The ATO is increasingly using this capability to identify employers that have underpaid SG.
The Super Guarantee Amnesty is an opportunity to catch up on any unpaid super without the normal penalties applying. The Amnesty ends on 7 September 2020. If you have paid the right amount of super for your employees, you don’t need to do anything further.
On 6 March 2020, the government introduced a super guarantee (SG) amnesty. The amnesty allows employers to disclose and pay previously unpaid super guarantee charge (SGC), including nominal interest, they owe their employees, for quarter(s) starting from 1 July 1992 to 31 March 2018. Eligible disclosures will not incur the administration component ($20 per employee per quarter) or Part 7 penalty. In addition, payments of SGC made to the ATO after 24 May 2018 and before 11.59pm on 7 September 2020 will be tax deductible. Employers who have already disclosed unpaid SGC to the ATO between 24 May 2018 and 6 March 2020 don’t need to apply or lodge again
Employers who come forward from 6 March 2020 need to apply for the amnesty by 7 September 2020.
What to do now?
If you are worried you have not paid all your employees their super, you should talk to one of the Leenane Templeton tax professionals. Call (02) 4926 2300 or email success@LT.com.au
Further Information: For further information visit the ATO website: https://www.ato.gov.au/Business/Super-for-employers/Superannuation-guarantee-amnesty/