Amnesty for historical underpayment of Super Guarantee
June 22, 2018
The government has announced that it is introducing a one-off, 12 month amnesty for historical underpayment of super guarantee.
To access the amnesty, employers must pay all that is owing to their employees, including nominal interest. However, penalties for late payment will not be applied during the amnesty period.
Employers that do not take advantage of the amnesty will face higher penalties when they are subsequently caught – in general, a minimum 50 per cent on top of the SG Charge they owe.
In addition, throughout the amnesty period the government has stated that the ATO will continue its usual enforcement activity against employers for those historical obligations they do not disclose voluntarily. Subject to passage of the Bill, the amnesty will run for 12 months from Thursday 24 May.
Please speak to us if you are an employer and have unpaid superannuation. Accessing this amnesty could save you significant time and cost in the future.
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The information on this site is of a general nature. It does not take your specific needs or circumstances into consideration, so you should consider your own financial position, objectives and requirements and seek personalised advice before making any financial decisions.