Proposed superannuation guarantee amnestyThere is a proposal to provide employers with a 12-month amnesty to self-correct past superannuation guarantee non-compliance without penalty.
If the Treasury Laws Amendment (2018 Superannuation Measures) No.1 Bill 2018 (Amnesty Bill) is passed by Parliament, the amnesty will be available from 24 May 2018 to 23 May 2019.
Given the time period it covers, the ATO will apply the new law retrospectively to voluntary disclosures made within the time period.
Until the new law is passed, the current rules apply, which includes a ‘$20 per employee per period’ mandatory administration component to SG charge statements lodged by employers.
If you are concerned that you may have super guarantee corrections to make, please contact us here at Walker Wayland AMD, where one of our professionals will be able to assist you.
