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ARTICLE · 24 MARCH 2020

The superannuation guarantee amnesty window is now open – until 7 September 2020

Cooper Grace Ward
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Businesses need to consider their options before the superannuation guarantee amnesty period expires.

AustraliaTax
Fletch Heinemann
Fletch Heinemann
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On 6 March 2020, the superannuation guarantee amnesty Bill finally became law.

Employers have until 7 September 2020 to take advantage of the amnesty and disclose to the ATO any superannuation guarantee shortfalls for the March 2018 and earlier quarters.

If employers do not take advantage of the amnesty in relation to historical shortfalls, they will be subject to a penalty of up to 200% of the shortfall. The ATO will not have the power to remit that penalty below 100% for historical quarters.

Common mistakes for underpaying compulsory superannuation

The most common mistakes we see involve businesses that have inadvertently underpaid compulsory superannuation. For example, by:

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© Cooper Grace Ward Lawyers

Cooper Grace Ward is a leading Australian law firm based in Brisbane.

This publication is for information only and is not legal advice. You should obtain advice that is specific to your circumstances and not rely on this publication as legal advice. If there are any issues you would like us to advise you on arising from this publication, please contact Cooper Grace Ward Lawyers.

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