Superannuation Guarantee and what that means for you

The Government has given employers a deadline of until 7 September 2020 to disclose any superannuation guarantee shortfalls before increased penalties apply.

You can also check the ATO’s website  to find out more what employers are required to complete.

‘The amnesty allows employers to claim tax deductions for payments of SG charge or contributions made during the amnesty period to offset SG charge, as well as remove the administrative component and the Part 7 penalty that may otherwise apply in relation to SG non-compliance’.

‘Around 7,000 employers have since come forward to voluntarily disclose historical unpaid super since the amnesty was first announced on 24 May 2018.

Treasury estimates an additional 7,000 employers will come forward during the six-month amnesty period, returning $230 million of superannuation to employees who may have otherwise completely missed out’

Now if this sounds confusing, then give me a call directly on 0429 363 047.

Maree Punzet
Maree’s Mobile Bookkeeping
0429 363 047
Qualified BAS agent with over 20 years Bookkeeping experience