Do you have outstanding superannuation obligations for your employees (including owner employees)?

 

Employers who wish to make use of the ATO amnesty have until the 7th of September to disclose previously unpaid superannuation entitlements. Under this amnesty an employer will be able to:

-Claim a tax deduction for the liability (Only for payments made by 7th of September will be eligible)

-Receive a remission of the administration fee ($20 per employee, per quarter)

-Receive a remission of the part 7 penalties

Due to the impacts on the community by COVID-19 the ATO acknowledges the possibility that business may not be able to pay the liability. Although, by law, they must receive your SG amnesty application forms by 11.59pm Monday 7 September 2020 to be eligible. To help you make payments the ATO is offering payment plans, this will help you remain eligible for the amnesty. As part of this they are offering:

  • flexible payment terms and amounts which will be adjusted if your circumstances change
  • the ability to extend the plan to beyond 7 September (payments after this date won’t be tax deductible).

 

How to apply?

*Download the approved SG amnesty form

*Complete a form for each quarter as per the instructions

*Complete the declaration

*Save file in .xls

*Lodge via your MyGov account

 

If you need assistance with any of this, please contact Think Accountants as soon as possible.