The Superannuation Guarantee, a much-anticipated aid to employers, has been passed in both houses granting them a 6 month period to disclose any noncompliance between 1 July 1992 and 31 March 2018. This is a special opportunity for employers to voluntarily disclose and address unresolved SG, as penalties for non-compliance will be limited during this period. That is not to say there will be no penalties, and any superannuation owed to employees must still be paid with interest. But the amnesty reduces the late penalties for six months while businesses make amends to the super accounts of their employees.
According to Assistant Minister for Superannuation, Financial Services and Financial Technology Jan Hume;
“Employers will not be off the hook. To use the amnesty, they must still pay all that is owing to their employees, including the high rate of interest. However, the amnesty will make it easier for workers to secure the super they are owed by not hitting employers with the penalties usually associated with late payment,” said Ms Hume.
“If employers do not take advantage of the amnesty, they will now face significantly higher penalties when they are caught. In addition, throughout the amnesty period, the ATO will still continue its usual audit and enforcement activity against employers for historical obligations they do not own up to voluntarily.
“We encourage employers to check they don’t owe outstanding super — and if they do, to take advantage of this once-only opportunity to set things right before much tougher penalties apply.”
If you have any queries about your payroll and super obligations, please don’t hesitate to speak with one of our specialists. This one-off amnesty is a great opportunity to square up any past arrears and ensure you are compliant.
Lauren Steinheuer: L.Steinheuer@uhyhnseq.com.au
Malcolm Barkle: M.Barkle@uhyhnseq.com.au
FACTUAL INFORMATION WARNING
This content has been prepared to provide you with factual information only and has not taken into account your personal objectives, financial situation or needs. It does not contain and it is not to be taken to contain Personal Financial Advice. Before making any financial or investment decisions, you should seek advice from an appropriately licenced or authorised financial advisor. The content was prepared by UHY Haines Norton. AFS Licence No. 483056