Deadline for Superannuation Guarantee Amnesty Fast Approaching
27th August 2020
On the 6th of March 2020, the Australian Government introduced a Superannuation Guarantee Amnesty (Amnesty) which allowed employers to disclose and pay previously unpaid superannuation owed to employees for any period prior to 31 March 2018, without penalty from the Australian Taxation Office (ATO).
The Amnesty ends on the 7th of September 2020.
The benefit of applying for the amnesty is that the payment of the outstanding superannuation becomes tax deductible and the ATO administration penalty of $20 per employee per quarter is waived.
The ATO has advised it will work with those businesses adversely impacted by the COVID pandemic to establish a flexible payment plan.
If employers do not come forward under the amnesty and are later found to have outstanding superannuation obligations, payments will not be tax deductible and significant additional penalties of up to 200% of the unpaid super may be applied.
More information on the Amnesty can be found here HERE.
Please get in touch with your trusted PVW Partners Advisor if we can assist in any way.
[ENDS]