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  • Superannuation Guarantee Amnesty announced

    On 24 May 2018, the Minister for Revenue and Financial Services announced the beginning of a 12-month Superannuation Guarantee Amnesty (the 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. The Amnesty will be available from 24 May 2018 to 23 May 2019.

    Under the Amnesty, catch-up payments are tax-deductible and employers will not face penalties and charges that may otherwise apply to late payments.

    To be eligible for the Amnesty, employers must disclose their SG shortfall amount including nominal interest to us within the 12-month Amnesty period.

    If employers are subject to an audit of their SG they cannot take advantage of the Amnesty for those periods.

    Catch-up SG payments are to be made directly to the relevant employee super fund (or funds) or to us should a payment plan be required.

    If employers are not up-to-date on their SG obligations and do not come forward during this time, they may face harsher penalties in the future.

    To take advantage of the Amnesty, employers need to complete and lodge the relevant Super Guarantee Amnesty form.

    Impacts for funds

    Employers are being encouraged to pay the full shortfall amount including nominal interest directly to their employees’ superannuation fund.

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

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

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

    See also

      Last modified: 01 Jun 2018QC 55827