On 18 September 2019, the Government announced that it was reintroducing the one-off Superannuation Guarantee Amnesty (the Amnesty).

The Amnesty applies to previously undeclared SG shortfalls for any quarter starting no earlier than 1 July 1992 and ending no later than 31 March 2018.

• The Amnesty will not be available for SG non-compliance that occurs in relation to a quarter starting on or after 1 April 2018.

The super guarantee (SG) amnesty is a one-off opportunity to correct past unpaid SG amounts.

• Employers have until 7 September 2020, to disclose, lodge and pay unpaid SG amounts for their employees.
• Employers can claim deductions and not incur administration charges or penalties during this amnesty.

It’s important that you act on this opportunity now to get your obligations up to date.

• If you choose not to come forward during the amnesty, the costs will be significant.

To remain eligible, you must declare and pay your SG shortfalls and interest charges.

• Payments made during the amnesty can be claimed as tax deductions, and payment plans can be arranged.

Applications for the amnesty close at 11.59pm on 7 September 2020.

• Only payments made before 11.59pm on 7 September 2020 will be tax deductible.

After the amnesty ends our ability to remit penalties applied as a result of an audit is limited by law.

• This means shortfalls will have a minimum penalty of 100% applied but can be as much as 200%.

It’s also important to be aware that our audit program will continue during the amnesty period.

You can find more information regarding the super guarantee (SG) amnesty at the following websites:

• Super Guarantee Amnesty
• Superannuation Guarantee Amnesty

If you would like to apply for the amnesty, the approved SG Amnesty Form needs to be lodged.

If you require any assistance, please contact us.