Breaking News! Do you owe employer Super? Now is the time to ACT! New legislation introducing huge benefits…

These benefits will mean huge savings in reduced penalties and tax savings for businesses.  

We are very excited by the government introducing new legislation for a 12-month Super Guarantee Amnesty, which is ONCE OFF opportunity for employers to correct past non-compliance without penalty.

 

This legislation was introduced late last month and is a huge incentive for employers to disclose previously undeclared SG shortfalls.

 

The amnesty will run from 24 May 2018 to 23 May 2019 and if you are able to meet the criteria, the benefits will be:

 

  • You will not be liable for administration costs or penalties for the late payment
  • Contributions will be tax deductible if they are made within the amnesty period.

 

These benefits will mean huge savings in reduced penalties and tax savings for businesses.  

 

What you need to do

  • Advise the Australian Taxation Office (ATO) of compliance issues during the amnesty.
  • Pay all outstanding employee entitlements, including the nominal interest on the unpaid entitlements, or pay directly to the fund and advise the ATO.
  • Make payments before the end of the amnesty period. If there are SG charges still outstanding after 23 May 2019, they will be subject to the normal charge rules.

 

Employers who owe Superannuation Guarantee and who do not take advantage of this amnesty will face higher charges, including a minimum 50% on top of the Super Guarantee charge they owe.

 

For more information on eligibility for the Amnesty, Benefits, accessing the Amnesty and more, visit the ATO Website here.

 

With the clock already ticking on the proposed 12-month amnesty period, now is the time to bring your compliance up-to-date, so you can get on with what’s more important: growing your business.

Contact us today so we can help you take advantage of this one-off legislation!