The Bill enabling the amnesty is before Parliament. While the amnesty is not yet law, practitioners should start identifying clients who could potentially take advantage of the amnesty as the 12-month period is already underway (it is due to expire on 23 May 2019).
The benefit of taking advantage of the amnesty is that certain penalty amounts will be waived and the employer will be able to claim a deduction for the superannuation contributions that are made, which would not generally be the case for contributions made after the normal deadline. If a business does not take advantage of the amnesty then this will be taken into account when the ATO determines penalties in the future if an outstanding superannuation guarantee problem is identified.
To find out more about the information contained in the Tax Round up, please contact Tax Ideas Accountants & Advisers…https://taxideas.com.au/booking/ Tel: (02) 8318 1545