The ATO estimates that $2.85 billion is currently owed in late or missing SG payments. Running from 24 May 2018 for 12 months, the amnesty encourages employers to reduce this SG gap by providing relief from the punitive penalties that normally apply to late payments.
Even if you do not believe that your business has an SG underpayment issue, it is worth undertaking a payroll audit to ensure that your payroll calculations are correct, and employees are being paid at a rate that is consistent with their entitlements under workplace laws and awards. Many of the recent celebrity cases featuring wages and SG underpayments have involved payroll miscalculations that were not acknowledged over time, or where the employer was ignorant of the correct award rates. It is worth ensuring that your payroll practices are correct while the amnesty is on. Ignorance is not bliss.
Normally, if an employer fails to meet their quarterly SG payment on time they need to pay the SG charge (SGC) and lodge a Superannuation Guarantee Statement. The SGC applies even if you pay the outstanding SG soon after the deadline.
…To find out more about the qualified elements for the amnesty and list of detailed requirement for employers to pay under the Amnestry, come and talk to us Tax Ideas Accountants & Advisers…http://taxideas.com.au/booking/ Tel: (02) 8318 1545