Superannuation Guarantee Charge Amnesty COVID-19 Relief

Do you have outstanding superannuation obligations to you or your employees? If yes then you need to take immediate action to review your obligations.

The Super Guarantee Charge Amnesty is an opportunity to put your hand up and address your outstanding superannuation obligations without fines or penalties applying.

As an employer you are able to disclose, lodge and pay unpaid Super Guarantee amounts for their employees before 7 September 2020, while claiming the overdue expense as a deduction and not incur administrations charges or penalties on the declared amounts.

The quarters included in the Super Guarantee Amnesty start from 1 July 1992 to 31 March 2018.

If you apply for the super guarantee amnesty, and are unable to pay the liability, the ATO have offered flexible arrangements to assist those affected by COVID-19. These arrangements include:

• Flexible payment terms and amounts which we will adjust if your circumstances change
• The ability to extend the payment plan to beyond 7 September 2020.

(Please note, only payments made by 7 September 2020 will be deductible)

Eligibility - you must

• Have not been informed the ATO is examining or intends to examine your SG obligation for the quarters you are disclosing
• Disclose to the ATO any SG Shortfall for an employee – not already disclosed
• Only include the quarters between 1 July 1992 to 31 March 2018

Benefits of the amnesty

• Ability to claim a tax deduction for amounts paid by 7 September 2020
• You won’t be required to pay the admin component of the SGC - $20 per employee, per quarter
• Part 7 penalty will not be applied [this is the big one!]

How to apply

Once confirmed you are eligible to participate in the Superannuation Guarantee Charge Amnesty – download the form here and submit to the ATO by 11:59pm on 7 September 2020

Need help?

Get in contact with us – the window is quickly closing to appropriately address your obligations.