Superannuation Amnesty

The Australian Government has announced the introduction of a 12 month amnesty for historical underpayment of employee super entitlements. To comply with the amnesty guidelines,  employers must pay all that is owing to their employees,  including nominal interest. Penalties for late payment will not be applied during the amnesty period.

However, 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 Super Guarantee entitlements they owe.

In addition, throughout the amnesty period 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.

For a comprehensive update please follow the announcement from the Australian Tax Office.

Comments are closed.