The ATO proposed on 24 May 2018 an amnesty for employers to come forward and notify the ATO of short or unpaid superannuation guarantee relating to the period 1 July 1992 to 31 March 2018. To qualify for the amnesty you must fill in the approved ATO form and pay the outstanding amount or otherwise enter into a payment plan. Benefits to the employers of self reporting under the amnesty include:
- No penalties on late payment of super
- Removal of the $20 per person per quarter administration charge
- Late superannuation becomes tax deductible again
The ATO will work with superannuation funds to ensure amounts paid under the amnesty do not cause employees to breach their concessional contribution caps where appropriate.
For more information on this proposed legislation please see:
Please contact Daley Smith, Andrew Marshall or Janine Orpwood at Langley McKimmie Chartered Accountants on (03) 5427 8100 to discuss further.
We provide accounting and wealth management services to clients in Woodend, Gisborne and Macedon Ranges areas within Victoria Australia.