07 3124 0244 07 3124 0244

The Super Guarantee Amnesty

Posted 3 Sep '18

The ATO has announced a one-off opportunity for employers to “self-correct” noncompliance of super guarantee payments without penalty.

After estimating that $2.85 billion is currently owed in late or missing super guarantee payments, the ATO are running a 12-month amnesty period where employers can voluntarily disclose undeclared super guarantee shortfalls or missing payments.

Employers who declare within the 12-month period running from the 24th of May 2018 will not be liable for administration penalties that usually apply and will be able to claim deductions for payments made.

It’s important to note that the amnesty only applies to voluntary disclosures. The ATO will continue compliance activities during this period and full penalties will still apply to businesses who have underpayments discovered.

To find out eligibility for the amnesty, benefits and how to declare noncompliance visit the ATO website and search for Super Guarantee Amnesty.

If your business has fallen behind on your super obligations and is eligible for the Super Guarantee Amnesty call us today to find out how we can assist you.07 3124 0244 07 3124 0244

Related News

Empire Partner in Business Feature: Boost IT

Boost IT works with small businesses as an extension of their own team delivering an IT department on demand. Client’s use our IT solutions and expertise to enhance capability and cyber security, as well as drive innovation and efficiency.

How Running a Small Business Prepared Me for Motherhood

Running a small business and motherhood may seem worlds apart but as I’ve spent the last 18 months adapting to the role of mum and I've realised the surprising similarities between these two roles. Both require unwavering dedication, resilience, and the ability to juggle multiple responsibilities. In this blog, I'll share the invaluable lessons I've learned from running a small business that has uniquely prepared me for the journey of motherhood.

Empire Partner in Business Feature: Cornerstone Advice

Cornerstone Advice provides financial planning and mortgage broking services.  They specialise in working with busy families and professionals to establish a financial roadmap that maximises their financial opportunities alongside establishing a backup plan to protect against the unexpected.