Majority of people pay their super on time either monthly or quarterly before the due date. Some for whatever reason, have fallen behind and have old super not yet paid to the super funds for their employees.
There is now a 6-month window to notify the ATO and get these payments up to date, without penalty. This is known as the Super Amnesty or SG Amnesty (Super Guarantee).
The Royal Assent granted on the 10th of March the below
- Amnesty applies until 7 September 2020. 100% penalty thereafter. No discretion.
- We strongly recommend a full review of any late payments and that a form be lodged for any individual quarter that has a late payment
- It is first about lodging forms, it is then about paying.
- Late super payments will be deductible if paid before 7 September.
- Payment Plans can be for longer periods but any payments after 7 September are not deductible.
- Date range- only for periods from 1992 up to and including March 2018 quarter
If for whatever reason you have super from this time frame, please get in touch urgently with your bookkeeper to help get this lodged correctly as there is a very strict procedure in place. It will mean:
- No part 7 penalties
- Claim as a tax deduction (late super is not normally claimable)
- No admin fees (which can normally add up to large amounts)
What will happen if I don’t get my super up to date before the amnesty finishes?
- a MINIMUM of 100% penalty
- the super and any penalties WILL NOT BE TAX DEDUCTIBLE
Don’t have a bookkeeper and need one to get on top of this and get it right?
Get in touch with Accounted For You now! firstname.lastname@example.org
With Single Touch Payroll in place, there is now more visibility as to who hasn’t paid super so make sure you’re all over it – with our help.
The ATO info link here