On Wednesday the government re-introduced a bill into parliament that offers an amnesty to employers who catch up on unpaid super for their employees. This means that an employer will be able to report and pay late superannuation guarantee for their staff, without being fined or penalised by the ATO for doing so.
The legislation provides for a one-off amnesty to encourage employers to self-correct historical SG non-compliance dating from 1 July 1992 to the quarter starting on 1 January 2018.
Last year the government had announced the same thing, but it lapsed with the election and never got through parliament. Should the bill pass without amendments, the amnesty period will start from 24 May 2018 and end six months from the date it receives Royal Assent.
We’ll keep you up to date on when this becomes law. If you think you would want to take advantage of the amnesty while it is there, please contact one of our team to help work out what needs to be done.