Superannuation Guarantee Amnesty Requires Your Action Now!

by | Apr 9, 2020

Have you applied for the Superannuation Guarantee Amnesty yet? Australian employers only have until 7 September 2020 to disclose, lodge, and pay to the Australian Taxation Office (ATO) unpaid superannuation guarantee or they’ll face penalties for their shortfalls. So you must act now.

The ATO, on 20 March 2020, recognising that employers affected by the COVID-19 pandemic are struggling financially, has announced flexible payment plans for unpaid super contributions via the Superannuation Guarantee (SG) Amnesty.

The ATO will close applications at 11:59 pm of 7 September 2020 and no extension will be made beyond that date. Take note that employers can still claim deductions during the amnesty.

Employers with unpaid Super Guarantee could face a minimum penalty of 100% or a maximum of 200% on top of outstanding Super Guarantee plus interest and admin fees.

So, if you haven’t applied for the Superannuation Guarantee Amnesty yet, you should start undertaking superannuation reviews now. Declare and pay your Super Guarantee shortfalls to receive amnesty benefits and avoid penalties. If you need assistance, contact a qualified accountant who can help you take advantage of this offer.

Superannuation Guarantee Amnesty

Various plans may include:

  • Flexible payment terms and amounts which will be adjusted if your circumstances change
  • The ability to extend the plan to beyond 7 September (payments after this date won’t be tax-deductible).

Next steps:
Applications close 11.59pm on Monday 7  September 2020.  Please contact us immediately if you need assistance.

 

 


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Chan & Naylor
Chan & Naylor

Chan & Naylor is Australia’s leading property, business, tax-accounting & wealth advisory group with offices nationwide.

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