Super Guarantee Amnesty Ends On 7 September!
Financial Advice

Super Guarantee Amnesty Ends On 7 September!

The MB+M Compliance team wanted to bring to your notice that Super Guarantee Amnesty is ending on 7 September! As the closing date is fast approaching, should you have questions, or need some help regarding the deadline, call us on 03 5821 9177 and speak to a Business Adviser.

On 6 March 2020, the government introduced a super guarantee amnesty, its scheduled to end on 7 September. The 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.

As part of the amnesty the ATO will not charge some fees, and any payments of outstanding super guarantee made to the ATO after 24 May 2018 and before 11.59pm on 7 September 2020 will be tax deductible.

ATO Increasing Reviews & Audits

The ATO is increasing its reviews and audits to identify employers not paying their employees super guarantee. If they identify these employers before they come forward, they will not be eligible for the benefits of the amnesty. ATO will also require them to pay:

  • Any super guarantee shortfall
  • nominal interest (10%)
  • administration component ($20 per employee per quarter)
  • Part 7 penalty (up to 200% of the SGC)
  • In addition, payments of the SGC will not be tax deductible

If you are thinking this applies to you, and like many others, are being adversely affected by COVID-19, don’t let that stop you asking for help!  The ATO are being very reasonable in these troublesome times and will work to with you so long as you have applied by 7 September 2020.

Contact us on 03 5821 9177 today and speak with one of our Compliance Team professionals who can walk you through the process!

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