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THE BUZZ IS OUT!
The Government yesterday announced a Superannuation Guarantee amnesty!
The once-off, 12 month amnesty will set aside employer penalties for late payment of SG that are normally owed to the ATO, with employers only needing to pay all SG that is owed to their employees, including the rate of nominal interest.
Subject to the passage of legislation, the amnesty will run from 24 May 2018 to 23 May 2019.
Employers who owe SG and who do not take advantage of this amnesty will face higher charges, including a minimum 50% on top of the SG charge they owe.
Clients who owe SG should be alerted to this one-off opportunity to get their affairs in order.