Employers who qualify for the SG amnesty for their SG shortfall in a specific quarter, and haven't ceased to qualify for the amnesty, enjoy several benefits:
No Administration Component: The administration component (i.e., $20 per employee, per quarter) is excluded from the calculation of the SG shortfall amount under the SGAA.
Exclusion of Part 7 Penalties: Part 7 penalties for failing to lodge an SGC statement by its due date don't apply to SG shortfalls qualifying for the SG amnesty.
Tax Deductions: Employers can claim tax deductions for payments related to SGC charged on SG shortfalls disclosed under the SG amnesty, made during the amnesty period (from 24 May 2018 to 7 September 2020).
Deductibility of Payments: Payments of SGC made directly to an employee’s super fund (offset against the employer’s SGC liability) are deductible for income tax purposes if made during the amnesty period.
Deduction for Part Payments: Employers can deduct payments made during the amnesty period for part payments negotiated with the Commissioner, up to the value of the SGC imposed on the SG shortfall disclosed under the SG amnesty.
For further assistance, you can reach out to Tax Ideas Accountants & Advisers at
+61 2 83181545 or book an appointment via live calendar.