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March 10th, 2020
The Federal Government’s super amnesty bill passed Parliament on Monday 24 February.
Under the Treasury Laws Amendment (Recovering Unpaid Superannuation) Bill 2019, employers will have the next six months to report and repay any super underpayments that occurred up to May 2018, plus interest, or risk heavy penalties under the Superannuation Guarantee Act in the future.
To take advantage of the amnesty, employers must pay all the outstanding Super Guarantee contributions owing to their workers, including the high rate of interest, but the Australian Taxation Office (ATO) will not apply the usual fines associated with late payment.
If employers do not use the amnesty, they will now face significantly higher penalties when they are caught. This will involve a minimum 100 per cent penalty under the Superannuation Guarantee Act after the amnesty period, on top of the super shortfall, and up to 200 per cent for the most serious cases.
For more information, contact the First Super Employer Services Team on 1300 943 171.
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