A superannuation guarantee amnesty was introduced on 6 March 2020 to allow employers to disclose and pay previously unpaid super guarantee for employees they owe starting from 1 July 1992 to 31 March 2018. The amnesty will be a one-off opportunity for employers to pay outstanding superannuation from these periods without penalty.
Ordinarily the payment of late superannuation will incur penalties and the payment of late superannuation is not tax deductible.
Employers who voluntarily disclose superannuation guarantee shortfalls during the Amnesty and before commencement of an ATO audit, will not be charged any administration fees or penalties and will also be able to claim a tax deduction for the catch-up payments made within the amnesty period.
How to apply for the Amnesty
To apply for the amnesty, you must:
- download the approved SG amnesty form from the ATO website
- complete one form per quarter using the instructions contained in the form
- check the amounts are correct and there are no errors on your form
- complete the declaration to confirm you are applying for the amnesty
- save the form and submit to the ATO via your Business Portal or via your Tax Agent
You must keep records for five years after your disclosure.
If you need assistance in assessing any superannuation obligations or disclose to the ATO, please contact our office.