Reminder about Superannuation Guarantee Amnesty

Do you owe unpaid super to past or present employees?

Given the amount of Government announcements recently, it would’ve been easy to miss the one regarding the Superannuation Guarantee Amnesty (SG Amnesty) - which is now open.

The SG Amnesty grants employers a one-time opportunity to pay any late super - owed from 1 July 1992 through to 31 March 2018, without penalty, after which a new and harsher penalty regime will come into effect. (Please note, there is no amnesty on current SG obligations, which are still due and payable in the normal manner.)

If you owe super and you qualify for the amnesty, you:

  • Will avoid the administration penalty of the SG charge of $20 per employee per quarter.
  • Will be able to claim a corporate tax deduction for the payment of underpaid SG during the amnesty period. Payments of super must be made to employees before 7th September 2020.
  • Can receive a full reduction of potential penalties that can be up to 200% of the total SG charge.

Employers who want to take advantage of the amnesty must apply through the ATO by 7 September 2020.

If you are affected by COVID-19 or recent disasters
If you owe super but have been affected by COVID-19 (or other disasters) the ATO has flexible solutions for businesses and is willing to work with employers to come up with a fair solution.  For further information, please refer to the ATO website

In addition, the Federal Government has set up an Emergency Support Info line on 1800 806 218 for employers needing further assistance managing tax and super obligation or they can contact a trusted tax adviser.

We’re here to help
If you have any questions, please call us or get in touch with one of our consultants.