Do you have Superannuation owing?
If you have unpaid superannuation guarantee amounts owing for yourself or your employees then this is very important.
Recently the federal government introduced legislation that will provide a one-off amnesty on unpaid superannuation guarantee amounts. Under the amnesty, the administration charge will not be levied against the employer.
Also, the employer would be entitled to a tax deduction for the super guarantee charge amount.
To qualify for the amnesty:
- you must disclose to the ATO that there is a shortfall in super guarantee for a particular quarter for an employee
- the quarter in which there is a shortfall must have ended at least 28 days before the start of the amnesty period (including quarters ending up to 31 March 2018 (An employer will not be able to benefit from the amnesty for SG shortfall relating to the quarter starting on 1 April 2018 or subsequent quarters.), and
- the ATO has not declared an investigation into SG compliance for that particular quarter.
You only have 6 months to use this amnesty.
If you wish to discuss this further with us, please do not hesitate to contact us.