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SMSF Updates

Super guarantee amnesty now law
12 Mar, 2020

The Treasury Laws Amendment (Recovering Unpaid Superannuation) Bill 2019 received assent as Act No 21 of 2020 on 6 March 2020.

The Act introduces a one-off amnesty for historical underpayment of superannuation guarantee (SG) that begins on 24 May 2018 and ends six months after the Bill receives assent, that is Sunday 6 September 2020. The amnesty only applies to SG shortfalls arising from 1 July 1992 to the March 2018 quarter, and not for subsequent quarters. The ATO advised that amnesty applications must be lodged and received by the ATO before 11.59pm on Monday 7 September. Its webpage also contains details on the eligibility conditions and how applications can be made.

The Act also limits the Commissioner’s ability to remit penalties for historical SG non-compliance, where an employer fails to make a voluntary disclosure during the amnesty.

The Tax Practitioners Board (TPB) is reviewing its specified BAS services instrument now that the super guarantee amnesty measure has become law. It will consider if the services in the instrument should be expanded to include additional services relating to superannuation guarantee contributions. This may include services relating to assisting clients in preparing and lodging superannuation guarantee statements and making payments under the super guarantee amnesty.

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