The long-awaited Superannuation Guarantee Amnesty is now law. On 6 March 2020, the Treasury Laws Amendment (Recovering Unpaid Superannuation) Act 2019 received Royal Assent.
Employers now have six months from the date of Royal Assent to make use of the amnesty. Employers can self-corrects historical SG non-compliance from 1 July 1992 to 31 March 2018. This will require disclosure in an approved from and payment of all outstanding Superannuation Guarantee Charge amounts by the end of the amnesty period to obtain the full benefits of the amnesty.
The amnesty contains a "carrot and stick" approach. The "carrot" is tax deductibility, no penalties and no administration charge. The "stick" is that penalties will be a minimum of 100% for SG shortfalls that relate to quarters covered by the amnesty once the amnesty is finished.
This In-Depth topic deals with most of the issues that practitioners will face in practice.
Content: 21 pages
Author: Tax & Super Australia
These notes were just the best I've seen in a very, very long time — David Krunic, DKP Chartered Accountants
I like the new notes. A lot of diagrams for the cases, easy to read and straight forward — Weiya Mao, Nicol & Nicol
The detail is fantastic — Jo Sampson, Accountant C
I found the notes outstanding — John van Delft, Taxkare Pty Ltd