The Federal Government has re-introduced legislation to establish a one-off amnesty to encourage employers to address any historical non-compliance with their SG obligations. The amnesty was first announced on 24 May 2018 but failed to pass through both Houses of Parliament. Under the reintroduced legislation, the amnesty will run for six months after the date Royal Assent is given on the legislation.
The amnesty offers an opportunity for all employers to effectively review their past contributions and address any areas non-compliance. Whilst the amnesty offers incentives for those employers who make voluntary disclosures, there will be substantial penalties imposed on employers who fail to make disclosures and are subsequently found under review or audit to have shortfalls in their past SG contributions.
The Superannuation Guarantee Amnesty Reintroduced
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