ARTICLE · 02 MARCH 2020

Superannuation Guarantee Amnesty legislation has finally passed

McCullough Robertson

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The SG Amnesty legislation gives a one-off amnesty for employers who make voluntary disclosure during the amnesty period.

AustraliaTax

Caroline Ee

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The SG Amnesty bill has finally passed. Employers who voluntarily disclose during the Amnesty Period can access various concessions, including a deduction of the SGC liability and a remission of administration fees and Part 7 penalties. If an employer suspects that they may have historic unpaid superannuation guarantee contributions, we recommend that they seek advice and consider if they can take advantage of this once-off Amnesty before the Amnesty period ends.

The uncertainty around the Superannuation Guarantee (SG) Amnesty bill is finally over. After around two years since it was first introduced, the Superannuation Guarantee Amnesty bill was finally passed on Monday 24 February 2020 and is currently awaiting royal assent.

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