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SG amnesty unpacked

Published on 01 Sep 20 by "TAXATION IN AUSTRALIA" JOURNAL ARTICLE

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. 

Author profile

Robyn Jacobson CTA
Robyn is the Senior Advocate at The Tax Institute. She has nearly three decades in the profession, including a public practice background which preceded her various training roles over 23 years. Robyn continues to be a regular conference and webinar presenter, and is an avid advocate, social media commentator, columnist, blogger and podcaster. She is also regularly quoted in the media. Robyn is a Fellow of both CA ANZ and CPA Australia, and a Registered Tax Agent. She regularly consults with The Treasury, ATO and professional bodies including as a member of the ATO’s Tax Practitioner Stewardship Group. Robyn was recognised in the Women In Finance Awards 2019 as the Winner of Thought Leader of the Year and was named in the global Top 50 Women in Accounting 2019. She was also recognised in the Australian Accounting Awards 2020 as the Winner of both Thought Leader of the Year and the Accountants Daily Excellence Award. - Current at 14 September 2020
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