The superannuation guarantee (SG) amnesty ended on 7 September 2020 and provided employers who had fallen behind with SG obligations for their workers, with an opportunity to catch up on these payments without having to pay the administrative component or the Part 7 penalties of the SG charge.
The SG amnesty covered periods from 1 July 1992 to 31 March 2018.
- Around 28,300 employers qualified for the amnesty, disclosing around $911.5 million.
- The amnesty resulted in the allocation of over $850 million to super funds, benefitting the retirement savings of more than 692,200 employees.
Businesses that disclosed
- Over 70% of the employers who qualified for the amnesty were small businesses with an annual turnover less than $2 million.
- Businesses with a turnover greater than $250 million accounted for 3% of eligible employers.
The top five industries, accounting for around 55% of employers who qualified for the amnesty and 45% of the amounts disclosed were:
- retail trade
- professional scientific and technical services
- accommodation and food services
- other services.
If you entered a payment plan as a result of the amnesty, to remain eligible, you must either:
- pay the SGC amount disclosed in the amnesty application form in full to us
- continue to meet each ongoing instalment under your payment plan to pay the SGC amount owing.
If you need further assistance managing your tax and super obligations:
- speak with a trusted tax adviser
- see Help with paying.
If you're unable to maintain payments, the law requires us to disqualify you from the amnesty and remove the amnesty benefits for any unpaid quarters.
If your disclosure is disqualified from the amnesty, we will:
- notify you in writing of the quarters you are disqualified for
- charge you the administration component of $20 per employee included in the disqualified quarter
- consider your circumstances when deciding whether the Part 7 penalty should be remitted
- issue a notice of amended assessment with the increased amount owing
- work with you through our debt processes to collect the amount outstanding.
Any payments you make for a disqualified quarter will not be tax deductible.
If you fail to lodge an SGC statement, you will be liable for a Part 7 penalty, which can be up to 200% of the SGC amount payable.
For further information, see:The super guarantee amnesty ended 7 September 2020.