On 24 May 2018, the Minister for Revenue and Financial Services announced the commencement of a 12-month Superannuation Guarantee Amnesty (the Amnesty). The Amnesty is a one-off opportunity for employers to self-correct past super guarantee (SG) non-compliance without incurring any penalties. Subject to the passage of legislation, the Amnesty will be available from 24 May 2018 until 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.
The Amnesty applies to previously undeclared SG shortfalls for any period from 1 July 1992 up to 31 March 2018.
Should you be needing assistance with your super payments and applying for the Amnesty, please contact DD's Taxation and Accounting.