The superannuation amnesty commenced on 6 March 2020. The amnesty allows employers to disclose and pay the previously unpaid super guarantee charge (SGC) contributions, including nominal interest owed by employers to employees for quarters starting from 1 July 1992 to 31 March 2018.

Employers who want to participate in the amnesty must apply to the Australian Taxation Office (ATO) by 7 September 2020.

To be eligible for the amnesty employers must:

  • not been informed that the ATO is examining or intends to examine employer’s super guarantee (SG) obligations for the quarter(s) the employers’ disclosure relates to;
  • disclose unpaid SGC for quarter(s) starting from 1 July 1992 to 31 March 2018;
  • disclose an SG shortfall for an employee that an employer has not already disclosed to the ATO; and
  • lodge their completed SG amnesty forms with the ATO. The ATO must receive these forms by 7 September 2020.

Please note that if employers have already been assessed for a quarter, the employers can amend a previously disclosed SG shortfall. Nevertheless, only newly disclosed, additional amounts will be considered by the ATO for the benefits of the amnesty.

In addition, to apply for the amnesty, employers must download the relevant form, which can be found here. Employers with more than 3,000 employees must call the ATO to obtain a larger form.

Categories: Weekly Tax Update

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