The Superannuation Guarantee Amnesty

Business Development Specialist - Ceebeks Business Solutions for GOOD

On 18th September 2019 the Assistant Treasurer and Minister for Housing, the Honourable Michael Sukkar MP announced the proposed Superannuation Guarantee (SG) Amnesty and re-introduced the associated legislation into Parliament.

If you are behind in keeping up to date with your SG commitments to your employees there may be a short reprieve on the penalties.

Under existing law, if you have missed a payment or haven’t paid an employee’s super on time, you are required to lodge a super guarantee charge statement and pay the SG charge on any SG shortfall amounts.

If you don’t pay the minimum amount of SG for your employees into the correct fund by the due date the super guarantee charge that you have to pay isĀ not tax deductible!

The charge is made up of;

  • SG shortfall amounts (including any choice liability calculated on your employee’s salary or wages);
  • interest on those amounts (currently 10%); and
  • an administration fee of $20 per employee, per quarter.

Until the proposed amnesty law is enacted by Parliament the ATO will continue to apply the existing law to the SGC statements you lodge with them.

Our advice is to do the right thing by your Team and make a voluntary disclosure, work out a repayment plan with the ATO and remove this stress from your life.

If you have any further questions about the SG Contributions or SG Amnesty give us a call on (03) 5561 2643, email or pop into our office at 25 Banyan Street, Warrnambool.

Business Development Specialist - Ceebeks Business Solutions for GOOD