The ATO reminds businesses to be aware that under the current law, if they have missed a superannuation payment or haven’t paid employees’ super on time, they are required to lodge a superannuation guarantee (SG) charge statement.
Until law giving effect to the proposed superannuation guarantee amnesty is enacted, the ATO says it will continue to apply the existing law, including applying the mandatory administration component ($20 per employee per period) to SG charge statements lodged by employers.
The Bill containing the amnesty was still before the Senate when Parliament most recently concluded on 22 February 2019.
If it is eventually passed into law, the proposed amnesty will be a one-off opportunity for employers to self-correct their past SG non-compliance without penalty. It is intended to be available for 12 months from 24 May 2018 to 23 May 2019.
The ATO will apply the new law (if it is passed) retrospectively to eligible voluntary disclosures made during this period.
With a deep understanding of the links between our clients’ personal and professional lives, Kelly+Partners offers a coordinated solution across a range of financial services: accounting, tax, superannuation, wealth management, finance, estate planning assistance and family office services.