Introduced by the Australian Government on 6 March 2020, the superannuation guarantee amnesty application will be ending soon – on 7 September 2020. If you are an employer and wish to participate, you need to apply now through the ATO.
This one-off amnesty allows employers to disclose and pay previously unpaid super guarantee charge (SGC), including nominal interest, they owe their employees, for quarter(s) starting from 1 July 1992 to 31 March 2018.
SGC payments will be tax deductible if made before the deadline.
Meanwhile, businesses that have already disclosed unpaid SGC don’t need to apply again by 7 September 2020.
As the ATO continuously conducts reviews and audits to non-complying businesses, those that are up-to-date with their super payments to employees will benefit from avoiding the penalties imposed by the ATO.
Impacted by COVID-19?
You are still encouraged to apply for the amnesty by 7 September 2020 despite your business being affected by the pandemic and having concerns about your ability to pay the outstanding liability.
The ATO will be able to assist you by establishing a payment plan that is flexible to help you to continue making payments.
Payments of SGC after the deadline will not be tax deductible to the business.
Let us help you:
If you want to know more about the Superannuation Guarantee Amnesty and how to apply, contact your Success Accountant today or email grow@successaccountinggroup.com.au if you are a new client.