Hot Issues
spacer
Vaccination rates as they happen around the world
spacer
Toyota returns $18m in JobKeeper payments
spacer
Approaching the dawn
spacer
Videos and other resources for our clients
spacer
Brazen ATO scam costs Sydney woman $22k
spacer
Key dates for the second JobKeeper extension period
spacer
Returning expats reminded on tax snares with pensions, investments
spacer
80¢ per hour work-from-home deduction method extended
spacer
2020 is coming to an end. Phew!!
spacer
Victorian State Budget Overview 2020 - 2021
spacer
Employee Christmas Parties and Gifts – Any FBT?
spacer
FBT – Christmas Parties and Taxi Fares
spacer
JobMaker hiring credit given green light despite ongoing concerns
spacer
Super, death, and taxes
spacer
ATO extends JobKeeper deadlines ahead of Christmas
spacer
Small-business coronavirus grants set to be income tax-free under new bill
spacer
How Australians are taking advantage of income tax cuts
spacer
Part 1 – Budget reminders. Under the Hood.
spacer
Part 2 – Budget reminders. Under the Hood.
spacer
Part 3 – Budget reminders. Under the Hood.
spacer
Comprehensive list of COVID-19 initiatives and packages.
spacer
Businesses not meeting obligations warned as ATO restarts compliance programs
spacer
Employers cautioned over ‘hard and fast’ decline in turnover eligibility
spacer
‘Follow the spirt of the law’, warns ATO
spacer
$120m in JobKeeper clawed back by ATO, new compliance areas highlighted
spacer
Budget 2020 - A very comprehensive break down.
Article archive
spacer
Quarter 4 October - December 2020
spacer
Quarter 3 July - September 2020
spacer
Quarter 2 April - June 2020
spacer
Quarter 1 January - March 2020
spacer
Quarter 4 October - December 2019
spacer
Quarter 3 July - September 2019
spacer
Quarter 2 April - June 2019
spacer
Quarter 1 January - March 2019
spacer
Quarter 4 October - December 2018
spacer
Quarter 3 July - September 2018
spacer
Quarter 2 April - June 2018
spacer
Quarter 1 January - March 2018
spacer
Quarter 4 October - December 2017
spacer
Quarter 3 July - September 2017
spacer
Quarter 2 April - June 2017
spacer
Quarter 1 January - March 2017
spacer
Quarter 4 October - December 2016
spacer
Quarter 3 July - September 2016
spacer
Quarter 2 April - June 2016
spacer
Quarter 1 January - March 2016
spacer
Quarter 4 October - December 2015
spacer
Quarter 3 July - September 2015
spacer
Quarter 2 April - June 2015
spacer
Quarter 1 January - March 2015
spacer
Quarter 4 October - December 2014
SG amnesty bill passes Parliament

The long-awaited superannuation guarantee amnesty bill has now passed both houses, with employers set to get six months to disclose historical non-compliance before tougher penalties apply.

       

The Treasury Laws Amendment (Recovering Unpaid Superannuation) Bill 2019 has now been passed and is awaiting royal assent.

The SG amnesty provides for a one-off amnesty to encourage employers to self-correct historical SG non-compliance dating from 1 July 1992 to 31 March 2018.

An employer will not be able to benefit from the amnesty for SG shortfall relating to the quarter starting on 1 April 2018 or subsequent quarters.

It will allow 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.

The amnesty period will start from 24 May 2018 and end six months from the date it receives royal assent.

The new legislation will also impose minimum penalties on employers who fail to come forward during the amnesty period by limiting the commissioner’s ability to remit penalties below 100 per cent of the amount of SG charge payable.

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.

Assistant Minister for Superannuation, Financial Services and Financial Technology Jane Hume said the passing of the legislation should not be viewed as giving a free kick to employers who had been previously non-compliant.

“Employers will not be off the hook. To use the amnesty, they must still pay all that is owing to their employees, including the high rate of interest. However, the amnesty will make it easier for workers to secure the super they are owed by not hitting employers with the penalties usually associated with late payment,” said Ms Hume.

“If employers do not take advantage of the amnesty, they will now face significantly higher penalties when they are caught. In addition, throughout the amnesty period the ATO will still continue its usual audit and enforcement activity against employers for historical obligations they do not own up to voluntarily.

“We encourage employers to check they don’t owe outstanding super — and if they do, to take advantage of this once-only opportunity to set things right before much tougher penalties apply.”

 

 

Jotham Lian 
24 February 2020
accountantsdaily.com.au