Superannuation Guarantee Amnesty

Sometimes we get some very important things wrong and then ignore them hope they go away, but they don’t – they just get worse.

If keeping up to date with your superannuation guarantee (SG) obligations has been one of them, then read on, because the window to put it right again without penalty with the ATO is closing.

The superannuation guarantee (SG) amnesty is an opportunity to bring your SG obligations up to date without being charged the administration component or penalties. Watch this short video from the ATO on the process and the opportunity.

For a third-party perspective this video from PWC also explains five benefits for participation.

Some key information on SG amnesty includes:

• It applies to quarters between 1 July 1992 and 31 March 2018.

• To access the amnesty, you will need to apply by 11.59pm 7 September 2020 and any payments you make before this date can be claimed as a tax deduction.

• If you wish to apply for the amnesty but are concerned that, as a result of COVID-19, your circumstances mean you will not be able to pay the liability then contact the ATO and they will work with you to establish a payment plan that is flexible to help you to continue making payments.

• The law does not allow the ATO to extend the amnesty period beyond 7 September 2020

• If you have already lodged an SGC Statement between 24 May 2018 and 6 March 2020, you’ll automatically receive the benefits of the amnesty and you don’t need to apply again

• If this puts you in a refund position, the ATO will issue the refund to you as quickly as possible so make sure the ATO has your correct financial institution account details through their Business Portal
  

For more information on eligibility criteria, benefits and how to apply go to the ATO’s SG amnesty page.

Peter Forbes
Business & Industry Development Officer