Qualifying for the SG Amnesty: What Employers Need to Know
If you're an employer in Australia, understanding the criteria for qualifying for the Superannuation Guarantee (SG) amnesty is crucial. This beneficial treatment can help you rectify any SG shortfall issues. Let's break down the requirements outlined in Section 74 of the Superannuation Guarantee (Administration) Act 1992:
1. Making Disclosure During the Amnesty Period
To be eligible for the SG amnesty, employers must disclose their SG shortfall for a specific quarter during the designated "amnesty period." This period began on May 24, 2018, and ended at 11:59 PM on September 7, 2020. The disclosure should be made using the approved form provided by the Australian Taxation Office (ATO).
2. First-Time Disclosure
The disclosure must be the first time the SG shortfall is disclosed to the Commissioner. Employers who had previously disclosed their SG shortfall before the start of the amnesty period won't benefit from the amnesty unless they provide additional information about previously understated amounts.
3. Quarters Covered by the Amnesty
The SG amnesty applies to quarters starting from July 1, 1992, up to and including the quarter starting on January 1, 2018. Any SG shortfalls occurring after April 1, 2018, are not eligible for the SG amnesty.
4. No Prior Examination by the Commissioner
Employers must not have been informed by the Commissioner about any examination of their SG compliance for the specific quarter before making the disclosure.
Disqualification from SG Amnesty
There are instances where employers may be disqualified from the SG amnesty, such as:
- Failure to pay the SGC imposed on the disclosed SG shortfall by the due date.
- Non-compliance with a payment arrangement entered into with the ATO.
In such cases, employers lose the benefits of the SG amnesty and may face consequences, including amended SG assessments.
Should you have any questions or need assistance, feel free to reach out to Tax Ideas Accountants & Advisers at +61 2 83181545 or book an appointment through our live calendar.
Superannuation Guarantee Amnesty (1) – Employers’ Obligations
- Superannuation Guarantee Amnesty (2) – Consequences for Not Meeting SG obligations
- Superannuation Guarantee Amnesty (4) – Benefits from The SG Amnesty
- Superannuation Guarantee Amnesty (5) – Increased Minimum Penalty for Employers Ignore the SG amnesty
- Superannuation Guarantee Amnesty (6) – Contributions Made Under the SG Amnesty (1)
- Superannuation Guarantee Amnesty (7) – Contributions Made Under the SG Amnesty (2)
