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Deadline for amnesty on late Superannuation Guarantee payments

By Michael Walsh, CEO of Walshs Practice

If you’re an employer who has failed to make Superannuation Guarantee (SG) payments to your workers, you have until September 7 to apply for an amnesty.

The amnesty is a one-off opportunity for employers to correct any payment mistakes and we are urging them to take advantage of the offer if they need to get their obligations up to date.

If there are outstanding SG payments, employers will be able to disclose, lodge and pay them, without being subject to penalties but must declare and pay the shortfalls and interest charges to be eligible for the amnesty.

Payments made during the amnesty can later be claimed as tax deductions.

The ATO has continued to be lenient regarding payment plans, with flexible payment terms. It will adjust payments as an employer’s circumstances changes.

The payment plan can also be extended beyond September 7 but only payments made before or on September 7 will be tax deductible.

Eligible employers who lodged a Super Guarantee Charge Statement between May 24, 2018 and March 6, 2020 will have those returns amended by the ATO and may receive a refund or credit.

Employers can also disclose eligible SG shortfalls during the amnesty period for any quarter from July 1, 1992 and March 31, 2019. However, the shortfalls must not have been disclosed previously or be subject to a current or previous audit.

To take advantage of the amnesty on unpaid SG, employers need to go online and lodge an approved form with the ATO for each quarter by September 7.

The ATO will then contact you with details on which of your quarters are eligible for the amnesty.

If you would like any more information on the amnesty on late Superannuation Guarantee payments or advice on any other matters related to superannuation, contact Walshs on 07 32215677 or email your relevant partner.