You may have heard about the Super Guarantee Amnesty currently underway; a one-off opportunity currently offered by ATO. While the ATO is encouraging businesses to avail this opportunity, it is also warning that if missed, they would likely go hard on defaulters.
In brief ;
- This is a one off opportunity to declare and pay unpaid super for your employees, for period up to 31st March 2018.
- If you do avail this opportunity (declare and pay by the due date);
- You get a tax deduction for late super (otherwise late super is not tax deductible)
- Avoid penalties of up to 200% otherwise enforceable
- Avoid admin charge otherwise payable.
While the deadline is 7th September 2020, there is a process to go through, and ATO has to provide you with payment details. Hence, if this amnesty applies to you, there is no time to loose! Get in touch with us by 1 September 2020, so we have sufficient time to process.
Super Guarantee Audits
Please be reminded, if you're audited and found to have not paid super for the above period, minimum penalty of 100% applies. ATO does not have the authority to reduce this penalty even in case of inadvertent omissions or on good behaviour.
ATO has further announced in the media, that Super Guarantee Audits will be their priority areas of audit going forward. Hence, if there are any outstanding super obligations for the period post Amnesty (1st April 2018 to now), you will need to action it as soon as possible.