Super Guarantee Charge (SGC) Amnesty
If you haven’t paid the right amount of super guarantee (SG) to your workers, the SG amnesty is the time to come forward. If you disclose your SG shortfalls during the amnesty, you can rectify past unpaid SG without incurring charges or penalties.
The SG amnesty runs until 6 September 2020 however, given this is a Sunday, applications are accepted until 11.59pm on Monday 7 September 2020.
SG shortfalls for any quarter between 1 July 1992 and 31 March 2018 may be eligible if you have not been told we are examining your SG obligation for the period your disclosure relates to.
If you disclose your SG shortfalls and are found eligible:
- you must pay the SG shortfall plus interest
- any payments you make before 11.59pm on Monday 7 September 2020 in your local time are tax deductible, including payments through a payment plan.
However, you must pay your SG shortfalls (or payment instalments) to remain eligible. If you default on your payment plan, you will no longer be eligible for the amnesty.
It’s important you act on this opportunity now to get your obligations up to date. If you’re aware of any unpaid SG for the periods covered under the amnesty and choose not to come forward, the consequences will be significant. Penalties include:
- up to 200% penalty on top of the SG and interest you owe (minimum 100% penalty)
- administration charges ($20 per employee per quarter).
If you’ve been impacted by recent bushfires, we understand that your priority is on your family and community at this time. However, the law doesn’t allow us to vary the due date for lodgment of an SG amnesty application.
Next step:
- How to apply for the amnesty (applications close 11.59pm on Monday 7 September 2020 in your local time)
See also:
If you require any further information or assistance, don’t hesitate to email us at info@odhco.com.au or if you prefer, give us a call today on (02) 4228 0011 to speak to one of friendly accountants.
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Suite 1/118 Auburn Street, Coniston NSW 2500
PO Box 1490, Wollongong NSW 2500
(02) 4228 0011
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Morisons Arcade, Suite 5A/107 Junction Street, Nowra NSW 2541
PO Box 1475 Nowra NSW 2541
(02) 4423 0586