Superannuation guarantee 12 month amnesty
Today there is good news for stressed small business employers who have fallen behind in their superannuation guarantee obligations.
Employers who have not paid their superannuation guarantee (SG) in the past may now have a 12 month amnesty from penalties to make good on their compliance. The previous rules relating to SG charge denied the tax deductibility of late super payments, and applied additional penalties.
The amnesty will apply from 24 May 2018 to 24 May 2019, the date of introduction into parliament. Also, the quarters where a disclosure can be made could theoretically be from 1 July 1992 to 31 March 2018.
The main qualification for the amnesty to apply for the employer is that the ATO must not have previously declared an investigation into the financial quarter in question.
There are conditions, one of which is that the employer must voluntarily make disclosure without any prompting from the Australian Taxation Office. For this reason it would be advisable to make disclosure as soon as possible.
The Bill has not yet passed or received Royal Assent but there is no indication that it will be opposed.
If you would like more details please contact us.