The 7 September 2020 deadline for the Australian Tax Office (ATO) superannuation guarantee amnesty (the Amnesty) is fast approaching.
If your business has historical superannuation guarantee shortfall amounts, this is your final chance to apply for the Amnesty without incurring penalties on the shortfall.
Broadly, to be eligible for the Amnesty, the following applies:
- Unpaid super must be for a quarter starting 1 July 1992 and ending 31 March 2018;
- The ATO must not have prior knowledge of, or already be investigating the shortfall; and
- the Amnesty application must be received by the ATO by 11.59 pm, 7 September 2020.
Should you be unable to pay the full amount of your historical superannuation guarantee liability by 7 September 2020, the ATO will work with you to set up a payment plan based on your situation. Any payments made before 7 September 2020 are tax-deductible.
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