Superannuation Guarantee amnesty requires action now has been saved
Superannuation Guarantee amnesty requires action now
On 6 March 2020, the Treasury Laws Amendment (Recovering Unpaid Superannuation) Bill 2019, also referred to as the Superannuation Guarantee (SG) Amnesty Bill, received Royal Assent.
Consequently, employers will have six months from the date of Royal Assent to voluntarily disclose any SG shortfalls to the Australian Taxation Office (ATO) and qualify for the terms of the amnesty.
The amnesty will allow employers to review payroll compliance processes and make good any historical underpayments of SG to employees along with legislated temporary remission of penalties and other charges.