Proposed Superannuation Guarantee Amnesty

The Superannuation Guarantee Amnesty legislation has failed to pass the Senate into law. With Parliament not scheduled to sit again until February 2019 and the Federal Opposition opposed to the Amnesty, the fate of the legislation is still very much up in the air.

Under the current law, if you've missed a payment or haven’t paid an employees' super on time, you are required to lodge an SG charge statement.

If passed into law, the proposed amnesty will be a one-off opportunity for employers to self-correct past super guarantee (SG) non-compliance without penalty.

The proposed amnesty is intended to be available for 12 months from 24 May 2018 to 23 May 2019.

To be eligible for the proposed amnesty you will need to have:

• voluntarily disclosed amounts of SG shortfall or late payments that have not been previously disclosed for any period from 1 July 1992 up to 31 March 2018
• made the voluntary disclosure within the proposed 12-month amnesty period (between 24 May 2018 and 23 May 2019)
• not be subject to an audit of your SG for the relevant periods.

Periods from 1 April 2018 won't be eligible for the benefits of the proposed amnesty.

www.ato.gov.au/business/super-for-employers/superannuation-guarantee-amnesty

www.mytaxsavers.com.au