What is ‘the Amnesty’, and how does it affect your superannuation?
When the Minister for Revenue and Finance announced the commencement of a 12-month Superannuation Guarantee Amnesty in May, there were a number of implications for employers and employees. The Amnesty is a one-off chance for employers to disclose any non-compliance with the super guarantee over any period between 1 July 1992 to 31 March 2018 without penalty.
If you are an employer, you will:
Not be liable for the administration component and penalties that may otherwise apply to late super guarantee payments
Be able to claim a deduction for catch-up payments made in the 12-month period
May face higher penalties in the future if you do not declare past non-compliance
If you are an employee, you will:
Still receive all employee entitlements, including unpaid super guarantee amounts owed to you and any nominal interest, as well as any associated general interest charge
If you have any questions, please contact Nexis and we can arrange to chat through these new changes in detail and provide more context one what this may mean for you.