In late June, the House of Representatives passed retrospective legislation giving employers Amnesty for missed super guarantee payments. It’s expected the bill will pass the Senate to become law.
The Amnesty is a one-off opportunity for employers to admit they missed past super guarantee payments and to correct any shortfalls without penalty. The Amnesty will be available until 23 May, 2019 and covers missed super guarantee payments from 1 July 1992 – 31 March 2018.
NOTE: The Amnesty does not apply to any Super Guarantee payments due on or after 1 April, 2018.
How does it work?
To be eligible for the Amnesty you must:
- voluntarily disclose any missed super guarantee payments before 23 May 2019; and
- not be subject to an ATO super guarantee audit
During the Amnesty, any super guarantee catch-up payments will be tax deductible and the usual penalties and fees will be waived. Failure to disclose any super guarantee payment shortfalls could face significantly higher penalties in the future.
To access the Amnesty:
- Check you have correctly made all super guarantee payments for your employees;
- If you discover a shortfall, complete and submit the relevant ATO form and make the catch-up payment/s directly into each employee’s super fund
- If you are unable to pay the catch-up payments in full, contact the ATO to arrange a payment plan
For more information on the Super Guarantee Amnesty, click this link.
For help on employee entitlements, speak to the experts at End2End Business Solutions by calling 02 8977 4002.