The Super Guarantee amnesty, first announced 24 May 2018, has finally been passed and is awaiting Royal Assent. Having been initially delayed and lapsing due to the last election, the passage of this Legislation will relieve over 7,000 employers who have voluntarily disclosed unpaid super under the amnesty scheme.
Employers which already made voluntary admissions, and any who do so within the next six months, will receive the benefits of the amnesty. The amnesty removes many of the penalties associated with non-payment of super and allows otherwise-denied deductions for the missing super, so long as the employer makes up for their past errors. The Treasury estimates that there is yet another $230 million of lost superannuation across another 7,000 employers that are likely to come forward during the remainder of the amnesty period.
The amnesty applies to unpaid super between its introduction on 1 July 1992 and the 24 May 2018 announcement date. The legislation also comes with a sting after the amnesty period, with any employers who fail to disclose their past misdeeds subject to harsh new minimum penalties.
For further information, please contact Noé Vicca at email@example.com
Date of Issue: 25 February 2020 Author: Hayden Gaffel & Noé Vicca
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