On 24 May 2018, the government announced the start of a Superannuation Guarantee Amnesty. The Amnesty will be available retrospectively from 24 May 2018 to 23 May 2019, subject to legislation passing.
The Amnesty gives employers a one-off opportunity to self-correct past super guarantee (SG) non-compliance without penalty. Catch-up payments made in the 12 month period will be tax-deductible.
To be eligible for the Amnesty and avoid harsher penalties the government requires employees to:
- disclose their SG shortfall amount including nominal interest to us within the 12 month Amnesty period, and
- not be subject to an audit of their SG for the relevant periods.
This won’t be final until the legislation is passed through Parliament however you can read more information about the government’s plan here.
Once the legislation is passed, we will be talking with clients that we believe may find this amnesty useful, or you are welcome to approach us for assistance.