Correct your SG payments without penalty!
Is your organisation up to date with your Super Guarantee (SG) payments? There is currently a proposal before Parliament for a one-off 12-month Super Guarantee Amnesty to be put in place. This could be a good opportunity to correct any unpaid SG.
Although currently subject to the passage of legislation, the Amnesty could be useful to correct SG payments without any penalty.
While it will still be necessary to pay all employee entitlements, including the nominal interest and any associated general interest charge, anyone who voluntarily discloses SG shortfalls will not need to pay the administration fees and penalties that would otherwise apply to late payments.
If you do take advantage of the Amnesty to make catch-up payments, you will also be able to claim a tax deduction on these payments.
Any payments declared under the Amnesty can be arranged through the ATO directly.
If you can pay the amount in full, you can complete a payment form and submit payment electronically via the ATO business portal. If you are unable to make the payment in full, you can still lodge a payment form and the ATO will contact you to arrange a payment plan.
The Amnesty is proposed to be available to all employers until 23 May 2019, and apply to any SG shortfalls between 1 July 1992 until 31 March 2018. Any incorrect SG that occurred after 31 March 2018 cannot be declared under the Amnesty.
If you’d like any more information about the proposed 12-month Amnesty, Intrust Super can help. Get in touch on 132 467 or talk to your Intrust Super Relationship Manager directly. We are at your service.