SG amnesty unpacked
Source: Taxation In Australia Journal Article
Published Date: 1 Sep 2020
The superannuation guarantee (SG) amnesty provides a one-off opportunity for employers to self-correct historical SG non-compliance. Following the expiration of the amnesty on 7 September 2020, the standard rules revert and employers face stronger penalties for non-compliance in the future. This article considers the fundamentals of the SG regime, dispels some misapprehensions and reminds practitioners that there are no limits on the review period for SG shortfalls. The benefits of the SG amnesty are unpacked and the circumstances in which employers should consider coming forward are identified.Nuances may arise such as the effect of amnesty payments on the concessional contributions cap, Div 293 tax and how to deal with shortfalls relating to non-residents and deceased employees. The benefits offered by the amnesty are contrasted with the severe
consequences of not coming forward during the amnesty period. Finally, the article sets out the case for extending the amnesty period beyond September.
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Details
- Published By: Robyn Jacobson CTA
- Published On:1 Sep 2020
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