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:
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).
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.
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.
Employers must not have been informed by the Commissioner about any examination of their SG compliance for the specific quarter before making the disclosure.
There are instances where employers may be disqualified from the SG amnesty, such as:
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