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SG amnesty deadline approaches
The Australian Tax Office (ATO) will begin sending notices to Australian employers reminding them of the upcoming deadline for the superannuation guarantee (SG) amnesty, which will expire on 7 September, 2020.
The SG amnesty was a one-off opportunity that allowed employers to disclose and pay previously unpaid superannuation dating back 1 July, 1992.
To take up amnesty, businesses must disclose to the ATO before the amnesty expiration date and either pay the unpaid amounts in full with interest or put a payment plan in place to do, with payments before this date being tax deductible.
Employers who do not come forward during the amnesty period and were audited in the future would face financial penalties.
The Government warned the roll out of Single Touch Payroll and its real time data reporting to the ATO meant future underpayments would likely be detected.
Jane Hume, Assistant Minister for Superannuation, Financial Services and Financial Technology, said super was a form of deferred wages and was required to be paid in full.
“The super guarantee amnesty allows employers a one-off opportunity to come forward, pay or put a plan in place to pay, and set things right without facing financial penalties from the tax office,” Hume said.
“If you are in any doubt, it is vitally important that you talk to your tax agent or the ATO today.
“The amnesty expires in a month and it will take time to verify the amount of any unpaid super and pay it or put a payment plan in place.”
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