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© 2018 Insightful Bookkeeping

ABN:   63 131 008 244

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Super Guarantee Amnesty Announced

August 1, 2018

 

 The Amnesty has some great features.

 

If the law passes through Parliament then…

  • Tax deductible

  • Interest Applies (paid to the employee's fund)

  • Penalties Don't

  • Fill in a form

  • Amnesty is only available during the period 24 May 2018 to 23 May 2019

  • It applies to all SG late payments that related to obligations not paid from 1992 to March 2018

  • If you are caught after this period the ATO will enforce all penalties, including non-deductible payments, and Government has advised the penalties will apply and be higher than what has normally been applied.

  • Payment plans may be negotiated (however only deductible until 23 May 2019)

  • Employees cannot be disadvantaged

 

Highlights

  • It is not law yet! Do not act yet!

  • It is likely to become Law but…Do not do anything until you hear the law has passed.

  • Government wants any late payment of outstanding Super Guarantee amounts that should have been paid for the periods from 1992 until March 2018, i.e., anything that should have been paid before 28 April 2018.

  • If the ATO finds the late payment first then the normal law applies and all penalties will apply.

 

What Has To Be Paid?

  • All outstanding SG obligations.

  • The amount of “Nominal Interest” (this is to replace what the money should have earnt in the fund) You must calculate this.

  • The Amount of General Interest Charge (this is the interest that applies instead of the Nominal Interest for the period after an SG Charge Assessment is made.) The ATO imposes this.

 

What To Do Now?

 

  • Nothing.

  • Wait for the law to pass.

  • A complete ‘How to take advantage of the SGC Amnesty’ implementation resource will pop up in another blog. ​

 

 

 

 

 

 

 

 

 

 

 

 

 

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