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Superannuation Guarantee Amnesty

Not law but it is still a thing. The superannuation guarantee amnesty is one of those laws that aren’t law yet but is being treated as if they was. The ATO are out there promoting it, it’s a bit funny in that it has less than six months to run, as it finishes on the 23rd of May, and it may never pass through parliament. A Clayton’s law, but the million-dollar question is what happens if it does not get passed, does the ATO pretend it was or do they start imposing the regular penalties on those business that came forward during the amnesty?

Don’t get me wrong, I encourage all employers who are behind in their Super Guarantee payments to take advantage of the amnesty. For no other reason than the outcome can only be better than letting it go and getting caught later. So, what is the amnesty, if you have unpaid super guarantee you can come forward and declare and pay it before the 23rd of May and you will only have to pay the outstanding super amount and the interest component. The ATO will waive the administration charge and will not impose any penalties. If you are caught after the amnesty period you will be charged the interest component, the admin fee and a 100% penalty of the outstanding super. That's a big incentive to get in before the 23rd rolls around.