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ARTICLE · 05 AUGUST 2020

Superannuation Guarantee Charge Amnesty – Time is almost up!

Key points you need to know to secure the compulsory Superannuation Guarantee Charge (SGC) Amnesty before 7 September 2020.

AustraliaEmployment and HR

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:

  1. 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.

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