Superannuation Amnesty Reminder
We previously advised of the proposed amnesty for underpayment of the superannuation guarantee for employees. The Bill is now before parliament and will hopefully be passed in the next 2 weeks.
In summary, mid last year the government announced a proposed 12 month amnesty period for the historical underpayment of the superannuation guarantee. The amnesty will be available from 24 May 2018 to 23 May 2019, if the legislation is passed.
Employees can voluntarily disclose shortfal
l or late payments relating to superannuation guarantee amounts that have not been previously disclosed for any period from 1 July 1992 up to 31 March 2018.
Benefits of the proposed amnesty if enacted will include:
- All catch up payments made during the 12 month amnesty period will become tax deductible
- The administrative component to the SG charge will not apply
- Penalties will not be applied
Payment is essential for you to be eligible for the benefits of the proposed amnesty.
We will advise as soon as there is any further progress on this Bill.
