After first being announced 24 May 2018, the Superannuation Guarantee Amnesty has now been passed by parliament and is awaiting royal assent.
The SG Amnesty provides for a one-off amnesty to encourage employers to self-correct historical SG non-compliance dating from 1 July 1992 to 24 May 2018.
It will allow employers to claim tax deductions for payments of SG charge or contributions made during the amnesty period (normally late payments are not deductible), as well as remove the administrative component and part of the penalty, that may otherwise apply in relation to SG non-compliance.
The amnesty period will start from 24 May 2018 and end six months from the date it receives royal assent.
If you think you have might have old superannuation liabilities, this is a once in a lifetime opportunity to address this without punitive action from the ATO.
If you have any questions, please contact your accountant or email us at operations@primepartners.com.au
