Super Guarantee Amnesty: Deadline approaching

The superannuation guarantee (SG) amnesty provides employers with a one-off opportunity to self-correct errors within their employee super guarantee payments.

By law, the deadline for the lodgement of application forms is 7 September. So, it is essential that your business is ready to apply for the amnesty if required.

Due to the impacts of the COVID-19 crisis, The ATO has stated that it will work with businesses to establish a flexible payment plan.

These arrangements include:

• Flexible payment terms and amounts which the ATO will adjust if your business circumstances change
• The ability to extend the payment plan to beyond 7 September 2020 – the end of the amnesty period. However, only payments made by 7 September 2020 will be deductible.

To qualify for the amnesty, employers must disclose the outstanding SG to the Tax Commissioner. The amnesty only applies to “voluntary” disclosures.

WLM Financial, as an authorised representative, can lodge the amnesty application forms on your behalf.

If you have any questions or would like support, please contact us at WLM Financial.

Or visit here for more information on WLM's accounting services.