The Government has released a bill that provides a “one off” 12 month amnesty to encourage employers to self-correct historical super guarantee non-compliance.
Under the amnesty if employers voluntary disclose non-compliance of super guarantee and pay the outstanding super guarantee charge then:
- The administrative component of the super guarantee charge will not be applied;
- No other penalties will apply to the employer; and
- Most importantly, the super guarantee charge will be deductible.
The amnesty coincides with the introduction of the increased penalty regime that will apply to outstanding super guarantee obligations under the Treasury Laws Amendment (2018 Measures No. 4) Bill 2018 that was also recently introduced to parliament.
If passed, this will be an important opportunity for employers with outstanding super guarantee obligations to come forward and pay outstanding super guarantee obligations at a reduced cost.