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The ATO is planning to send around 860,000 letters reminding businesses of their superannuation obligations to both current and former staff, with the ATO estimating that workers are due $2.3 billion in unpaid super.

The ATO hopes the amnesty will see employers pay all of the previously unpaid super or agree to a payment plan.

Assistant Minister for Superannuation Jane Hume, said: “The super guarantee amnesty allows employers a one-off opportunity to come forward, pay or put a plan in place to pay, and set things right without facing financial penalties from the tax office.

“If you are in any doubt, it is vitally important that you talk to your tax agent or the ATO today; the amnesty expires in a month and it will take time to verify the amount of any unpaid super and pay it or put a payment plan in place.”

Businesses that don’t take up the amnesty will still need to pay the entire amount, with 10% interest, along with a $20 administration fee per employee per quarter, and they are also unable to deduct any of the payments. On top of that, they face a maximum penalty of up to 200% of the amount owed. 

Australian Small Business Ombudsman Kate Carnell said: “To qualify for the amnesty, employers have to come forward voluntarily, without direct prompting from the ATO and agree to pay all employee entitlements plus interest”.

If you need help and advice with any of the above, please contact your local TaxAssist Accountants.

August 2020

Last updated: 12th August 2020

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