The Super Guarantee Amnesty
Posted 3 Sep '18
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
Many business owners think tax planning means meeting with their accountant in June and finding a few last-minute deductions before the end
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For many small business owners, the end of the financial year (EOFY) feels like the finish line. Once tax planning is complete, financial statements are prepared, and compliance obligations are lodged, it is tempting to return to business as usual.
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