If you’ve been having trouble getting your employer to make your SG contributions you may now find them a bit more willing.
Read below:
Subject to the legislation passing, employers will now have the opportunity to wipe the slate clean by making up outstanding SG payments without attracting the full range of penalties that would normally apply. The amnesty, which will run from 24 May 2018 to 23 May 2019, is a chance for employers to make outstanding SG payments from 1 July 1992 to 31 March 2018. How the amnesty will work
Businesses will not be liable for administration costs or penalties for the late payment if they:
advise the Australian Taxation Office (ATO) of compliance issues during the amnesty.
pay all outstanding employee entitlements, including the nominal interest on the unpaid entitlements, or pay directly to the fund and advise the ATO.
make payments before the end of the amnesty period. If there are SG charges still outstanding after 23 May 2019, they will be subject to the normal charge rules.
To really help businesses to catch up, contributions under the amnesty will be tax deductible if they are made within the amnesty period.