Super Guarantee Amnesty Is Here – Last Chance!
The Government has finally brought the (SG) Super Guarantee Amnesty for employers to fruition. Now that single Touch Payroll (STP) has increased the level of transparency around when employers make SG contributions on behalf of employees it’s an opportune time for employers to make good any outstanding SG liability without the full penalty regime applying. Many argue these penalties have acted as a disincentive for many to come forward.
While unpaid super is ultimately wage theft and a practice never to be condoned, the amnesty period is an incentive for employers to get such issues addressed and do the right thing by their employees by paying any unpaid superannuation in full. Many small businesses may be suffering from cashflow issues making it very challenging to meet their SG obligations by the due date and this amnesty gives them time to comply.
Employers now have a six-month window until 7 September 2020 to disclose, lodge and pay unpaid SG amounts for their employees as to claim tax deductions and not incur administration charges or penalties during this amnesty period. Thereafter employers face significantly higher penalties if they are subsequently caught. Keep in mind, the ATO will continue its usual enforcement activity against employers throughout the amnesty period.
Further Information & how to apply for amnesty from the Australian Taxation Office
For more information from the Australian Taxation Office on their amnesty visit: https://www.ato.gov.au/Business/Business-bulletins-newsroom/Employer-information/Superannuation-guarantee-amnesty/
Further information or support from OnVenture
Need our help to report and pay unpaid super, book in a chat here: https://calendly.com/onventure/discovery30min