On 24 May 2018, the Minister for Revenue and Financial Services
announced a 12 month Superannuation Guarantee Amnesty (Amnesty),
subject to the passing of legislation, which will apply
retrospectively from 24 May 2018 to 23 May 2019. The Amnesty is
encapsulated in the Treasury Laws Amendment (2018
Superannuation Measures No 1) Bill.
The Amnesty will provide an opportunity for employers to
self-report and correct previous undeclared super guarantee (SG)
shortfalls which occurred between 1 July 1992 and 31 March
2018.
If employers self-report and correct, they will have to pay the
SG shortfall plus interest, but they will not be subject to
penalties or charges (including the administration component of $20
per employee per quarter) which would usually apply to late
payments. Most significantly, and unlike the superannuation
guarantee charge (SGC), any catch-up payments of shortfall SG made
pursuant to the Amnesty will be tax deductible.
