The SG amnesty: act now…
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The lowdown on the SG Amnesty
The government’s long-awaited Superannuation Guarantee amnesty is reality, as of 6th March 2020.
This legislation provides a period of amnesty for employers to pay SG shortfalls for the period between 1 July 1992 – 31 March 2018 without incurring the normal penalties. The amnesty period runs from when the legislation was first tabled on 24th May 2018 and will end on 7th September, 2020.
Employers who fail to come forward during the amnesty period will be subject to a penalty of at least 100% of the SG shortfall (and interest) they owe.
Looking ahead, the ATO will crack down more strongly than ever before on unpaid (or underpaid) Super. Improved access to data around employers’ SG obligations means they are better able to identify companies guilty of this.
It’s an understatement to say that we strongly advise any businesses in this position to make the decision to declare this and take advantage of this amnesty period. This may be the last opportunity to declare an underpayment and get a plan in place to address it without significant penalties being imposed.
We are here to help and advise at any stage – to negotiate repayment plans for unpaid debt (including Super) and/or to help source a funding solution if that’s what’s needed. You do not have to go it alone.
Get in touch with us today if you or your clients would like support. We’d love to help
