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  • CRT Alert 050/2018

    25 May 2018

    Superannuation Guarantee Amnesty announced

    Yesterday, the Minister for Revenue and Financial Services announced the beginning of a 12-month Superannuation Guarantee Amnesty and introduced the associated legislation to parliament. The legislation is intended to apply retrospectively once enacted.

    The amnesty is a one-off opportunity for employers to self-correct past super guarantee (SG) non-compliance without penalty. Catch-up payments are tax-deductible and employers will not face penalties and charges that may otherwise apply to late payments.

    The amnesty will be available from 24 May 2018 to 23 May 2019.

    To be eligible, employers must disclose their SG shortfall amount including nominal interest to us within the 12-month amnesty period by completing and lodging the Super Guarantee Amnesty form.

    Employers are being encouraged to pay the full shortfall amount including nominal interest directly to their employees’ super funds. Employers can also enter into a payment arrangement with the ATO if they are unable to pay the shortfall in full.

    This means you may see an increase in the amount of processing work by your fund.

    We anticipate most of your members will contact either their employer or us for more information.

    If your members contact you, direct them to www.ato.gov.au/SGamnesty.

    Next step:

      Last modified: 25 May 2018QC 55683