INFORMATION ABOUT THE SUPERANNUATION GUARANTEE AMNESTY.
A 12 month Superannuation Guarantee Amnesty is currently in force and will continue to run until 23 May 2019.
Please note the legislation is currently before parliament and is yet to receive Royal Assent.
What is the Superannuation Guarantee Amnesty?
The amnesty provides concessions for employers to come forward and do the right thing by their employees by paying any unpaid superannuation in full. A nominal interest charge will continue to be imposed to ensure that the employee is appropriately compensated for the delay in payment of the unpaid superannuation guarantee (SG). However, penalties and fees that would normally apply will be reduced to nil during the amnesty period.
The government has advised that employers that do not take advantage of the one-off amnesty will face higher penalties when they are subsequently caught – in general, a minimum 50 per cent on top of the SG Charge they owe.
Any SG payments that are made during the amnesty period will be tax deductible to the employer. This represents a major change to the normal policy of late payments of SG being non-tax deductible.
Major upcoming changes, including requiring superannuation funds to report contributions received more frequently (at least monthly) and the rollout of Single Touch Payroll (STP) over the next 12 months will lead to an increased risk of detection of employers that are non-compliant with their SG obligations.
Further reading about superannuation and SMSFs
- New reporting obligations for self managed super funds
- Downsizer superannuation contributions
- SMSF investments in Bitcoin and other cryptocurrencies
- Self Management Super Fund (SMSF) deed update
- Changes to personal superannuation contributions
Noosa Superannuation Accountants & Financial Advisors Sunshine Coast QLD
Stratogen Accounting consists of a team of expert accountants and highly qualified financial advisors who assist with all aspects wealth creation including self managed super fund (SMSF). Our accounting firm’s head office is located at Noosa on the QLD Sunshine Coast. Our expertise is unparalleled and thus we work with clients living interstate around Australia and internationally.
We offer the full range of services expected of a leading edge accounting firm. Our personal services for individuals include accounting, tax returns, superannuation funds and financial planning, estate planning, insolvency services and asset protection. Our approach to both our clients is practical, open and honest.