Blog Layout
Amnesty for historical underpayment of Super Guarantee
Liz Gibbs • May 23, 2018

 

The government announced that it is introducing a one-off, 12-month amnesty for historical underpayment of super guarantee.

To access the amnesty, employers must pay all that is owing to their employees, including nominal interest. However, penalties for late payment will not be applied during the amnesty period.

Employers that do not take advantage of the amnesty will face higher penalties when they are subsequently caught – in general, a minimum 50 per cent on top of the SG Charge they owe.

In addition, throughout the amnesty period the government has stated that the ATO will continue its usual enforcement activity against employers for those historical obligations they do not disclose voluntarily. Subject to passage of the Bill, the amnesty will run for 12 months from Thursday 24 May. 

Want to take advantage of the amnesty period? 

Call us at Robert Goodman Accountants on 07 3289 1700 or email us at  reception@rgoodman.com.au.  Source: Thomson Reuters.   Brought to you by Robert Goodman Accountants.  

Transfer business to your kids

Do your kids really want to take over your business?

By Liz Gibbs • 08 May, 2024
Generational succession - handing your business across to your kids or family - sounds simple enough but, many families end up in a dispute right at the point when the parents, business, and children are most vulnerable.
The ‘bank of Mum & Dad’

Should you be the ‘bank of Mum & Dad’?

By Liz Gibbs • 06 May, 2024
The great wealth transfer from the baby boomer generation has begun and home ownership is the catalyst.
Division 7A crack down

Company money crackdown

By Liz Gibbs • 06 May, 2024
The ATO is cracking down on business owners who take money or use company resources for themselves.
Excess Concessional Contributions

Taxpayer unsuccessful in having excess contributions reallocated

By Liz Gibbs • 04 May, 2024
The Administrative Appeals Tribunal ('AAT') recently held that a taxpayer was liable to pay excess concessional contributions tax in relation to contributions made on his behalf by his employer.
False invoicing

ATO issues warning about false invoicing arrangements

By Liz Gibbs • 03 May, 2024
The Serious Financial Crime Taskforce ('SFCT') is warning businesses about using illegal financial arrangements such as 'false invoicing' to cheat the tax and super systems. False invoicing arrangements may consist of the following:
illegal access to super

Illegal early access to super

By Liz Gibbs • 02 May, 2024
Faced with tough times, some people may be thinking about accessing their super early.
Disaster

What to know about disaster relief payments

By Liz Gibbs • 01 May, 2024
Taxpayers should be aware that some natural disaster relief payments are not taxable.
Scam

Government warns of 'malicious' myGov scammers

By Liz Gibbs • 01 May, 2024
The Government has urged Australians to be vigilant regarding scammers who target ATO log-in details to commit tax fraud.
ABN up to date

Are your ABN details up to date?

By Liz Gibbs • 29 Apr, 2024
When did you last check your Australian Business Number (ABN) details on the Australian Business Register (ABR)? If you’re not sure

Reminder of March 2024 Quarter Superannuation Guarantee (‘SG’)

By Liz Gibbs • 28 Apr, 2024
Reminder of March 2024 Quarter Superannuation Guarantee (‘SG’) 
More Posts
Share by: