The looming deadline of 7 September 2020 is the last opportunity
to secure the compulsory Superannuation Guarantee Charge
(SGC) Amnesty.
First introduced on 6 March 2020, the amnesty window closes in
mere weeks.
Who can benefit? All employers, including small employer
companies where the only compulsory super is for the benefit of the
owner.
The amnesty avoids hefty Part 7 penalties (up to 200%), the per
employee administration component and some interest. Also, without
the amnesty the late paid super is not tax deductible, with it this
is.
Here are some key points you need to know:
- Self-review by 6 September 2020 (or
sooner!)
There will be at least 1 day to apply for the SGC Amnesty if it
is needed.