The super guarantee (SG) amnesty is a one-off opportunity to correct past unpaid SG amounts. Employers have a six-month window, until 7 September 2020, to disclose, lodge and pay unpaid SG amounts for their employees.
Payments made during the amnesty can be claimed as tax deductions, and payment plans can be arranged, the Tax Office has previously explained.
Both the government and the superannuation funds have welcomed reports that the government’s super amnesty will see more than $588 million returned to superannuation members.
“Every additional dollar in people’s superannuation account will have an impact on the adequacy of people’s retirement,” said ASFA deputy CEO Glen McCrea.
“Sadly, too many individuals are missing out not only on their superannuation contributions but the potential returns from having more money in their super account.
“It is essential that all employers should comply with their superannuation guarantee obligations and pay SG contributions when they are due,” Mr McCrea concluded.
Assistant Minister for Superannuation Jane Hume initially estimated that the one-off amnesty would return $160 million, with some 14,000 employers coming forward over the lifetime of the amnesty, and said that the initiative was “very successful” and had reunited Australians with money that was “rightfully theirs”.
But Industry Super Australia has previously estimated that Australians lose some $6 billion a year – 10 per cent of the annual unpaid super debt – to “dodgy” employers and has demanded the government institute payday super to prevent payments falling through the cracks of a quarterly pay cycle.
About the author
