The superannuation guarantee amnesty bill has been passed by Parliament ensuring that employers will get six months to disclose historical non-compliance of superannuation payments. This one-off amnesty aims to encourage employers to self-correct historical superannuation guarantee non-compliance.
Employers should be aware that as a result of Single Touch Payroll (STP), the ATO now has an ‘unprecedented level of visibility’ of superannuation information. Any clients with a historical non-compliance of superannuation payments should make use of the amnesty to avoid severe penalties which would otherwise apply under voluntary disclosure (outside the amnesty period) or ATO detection.
All employers should be aware that late payment of the superannuation guarantee (i.e. payments failing to reach the employee’s superannuation fund by the due date) and underpayments are reasons for superannuation shortfalls and penalties will apply.
Please consider your superannuation guarantee compliance very carefully and contact our office if you require assistance to work through the issues involved.