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SG amnesty ends 7 September 2020

Time running out for employers to apply for superannuation guarantee (SG) amnesty

Catch up on past unpaid super without incurring a penalty or paying administration fees.

The ATO is encouraging employers to apply for the amnesty and make payments as early as they can. Any amnesty amounts paid before 7 September 2020 are tax-deductible.

For employers to participate in the amnesty, the ATO must receive applications by 11.59pm local time, on 7 September 2020. Once they receive the applications, they will advise which quarters are eligible for the amnesty.

To be eligible for the amnesty:

  • the unpaid super must be for a quarter between 1 July 1992 and 31 March 2018
  • the shortfall cannot have already been disclosed to the ATO
  • the ATO cannot already be examining the shortfall.

If an employer cannot pay in full, the ATO can work with them to set up a flexible payment plan to ensure they continue qualifying for the benefits of the amnesty.

Check you have the necessary payment reference numbers (PRNs) required to make payments or call Omnis Group’s Business Accountants in Perth on 08 9380 3555.

Related reading

https://www.omnisgroup.com.au/business-accounting-taxation/no-sg-obligation-on-jobkeeper-payments-where-work-is-not-performed/

Source: SG amnesty ends 7 September 2020. (2020). Retrieved from https://www.ato.gov.au/Tax-professionals/Newsroom/Superannuation/SG-amnesty-ends-7-September-2020/

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Omnis is a strategic accounting and financial planning firm that understands you and your business, and helps you maximise the opportunity you have.

We go beyond numbers and are driven by insight, guidance, and a personalised approach tailored to your unique needs.

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Level 2, 7 Rheola Street, West Perth WA 6005

Phone Number:
08 9380 3555

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Justin Flavel

Managing Director

Justin’s experience spans across 20 years in accounting, financial analysis and general business practice.

Although born and bred on the land, Justin’s interest was more in spreadsheets, ledgers, and finance which led him to attend university. In 1992, Justin graduated with a Bachelor of Business majoring in Accounting and Finance. As well as qualifying as a CPA member and becoming a Fellow of the Taxation Institute of Australia, he began gaining practical experience in small and mid-tier accounting practices.

During the late 90s, Justin decided to expand his horizons and travel through Europe. It was during this time that he seized the opportunity to expand his knowledge on the workings of large organisations by taking on roles in multinational corporations.

Today, Justin’s passion is in facilitating businesses to grow and evolve. His focus is on acting in the role of business mentor to help clients develop the full potential of their businesses. He joins clients on their unique journey, and provides the tools and knowledge they need along the way to make the right decisions.

Justin’s aim for his clients parallels his own philosophy and personal journey—focusing on his own career growth and business success while maintaining balance in his life with his wife and three daughters.

Omnis Group Managing Director - Justin Flavel