New Law to Offer Superannuation Guarantee Amnesty to Employers
The Australian Parliament has passed new legislation allowing concessions to those employers who have underpaid Superannuation Guarantee (SG).
Entitled the Treasury Laws Amendment (Recovering Unpaid Superannuation) Bill 2019, the one-off amnesty for historical underpayment of superannuation encourages employers to
come forward and pay outstanding amounts. The Bill has now passed both houses and received Royal Assent.
Employers have from 26 May 2020 to 7 September 2020 to self-report SG non-compliance and apply to the ATO for amnesty. The application is to be in an approved form that, is available from the ATO website.
Find out more details here.