The Government has introduced legislation to compliment the superannuation guarantee (‘SG’) integrity package already before Parliament by introducing a one off, twelve month amnesty for historical underpayment of SG.
If you currently have overdue SG, now is the time to “do the right thing by your employees” by paying any unpaid superannuation in full, along with the nominal interest, but without the penalties for late payment that are normally paid to the Government.
If you do not take advantage of this amnesty, you will face higher penalties when you are subsequently caught – in general, a minimum 50% on top of the SG Charge you owe.
The amnesty will run for 12 months from 24 May 2018.
