Carbon

Superannuation guarantee amnesty: Don't wait too late to act!

The government introduced a super guarantee amnesty on 6 March 2020 which gives employers the opportunity to disclose and pay previously any unpaid super guarantee charge to their employees for quarters from 1 July 1992 to 31 March 2018.

Employers who wish to participate need to apply by 7 September 2020, or face possible penalties.

 

Why you should act now.

The increased frequency of reporting requirements by super funds and employers has given the ATO more visibility than ever before. This visibility has increased the ATO's ability to identify underpaid super guarantees. 

If you choose not to come forward and disclose unpaid super guarantee charge that they owe their employees by the deadline of 7 September 2020, then you are liable for:

  • Super guarantee shortfall
  • Nominal interest (10%)
  • Administration component ($20 per employee per quarter)
  • Part 7 penalty (up to 200% of the super guarantee charge)

You will also be unable to claim a tax deduction for the super guarantee charge paid.


If you disclosed unpaid super guarantee to the ATO in anticipation of the Amnesty, you don't need to lodge again or apply on the super guarantee amnesty form.

Think you might owe unpaid super to past or present employees and need help? 

We're here.

The deadline to disclose unpaid super guarantee charge is 7 September 2020, so you have time to act and avoid the penalties.

Carbon can help you navigate this process by reviewing your eligibility for the Amnesty, assessing your past super guarantee positions, identify potential exposures and make a voluntary disclosure to the ATO on your behalf.

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Bookkeeping by qualified accountants – the benefits are clear!

Most of the bookkeepers at Carbon are qualified accountants, which means they offer superior service and advice that goes beyond the role of a typical bookkeeper.

They have a sharper eye than most other bookkeepers and generally more experience, ensuring their clients accounts are well maintained throughout the year, not just at the end of the year when it’s often too late.

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