The superannuation guarantee (SG) amnesty provides employers with a one-off opportunity to “self-correct” underpayments of superannuation for any period up to the March 2018 quarter, with minimal sanctions, and the ability to claim a tax deduction for the underpaid superannuation. The amnesty only applies to “voluntary” disclosures.
The door is closing on this extremely generous concession. If you want to participate in the amnesty, the law requires you to apply by 7th September 2020. This date remains, despite any disruptions from Covid, as it is the legislated date, and the ATO does not have discretion to extend it.
To qualify for the amnesty, employers must either pay the full amount owing by 7th September 2020, or if the business cannot pay the full amount, enter into a payment plan with the ATO.
Employers should note that only payments made by 7th September 2020 will qualify for a tax deduction. In addition, if you agree to a payment plan and do not meet the payments, the amnesty will no longer apply to you.
If you need help in applying for this amnesty, please contact our office.