Monday, April 6, 2020

Catch up on superannuation entitlements

Media Release

February 25, 2020

Super amnesty extension a chance for small businesses to catch up

The Australian Small Business and Family Enterprise Ombudsman Kate Carnell has welcomed federal government legislation that encourages employers to catch-up on paying superannuation entitlements to staff.

“This is a one-off amnesty that gives small business an opportunity to get up to date with outstanding payments to current and past employees, without being slugged with the harsh penalties that usually apply,” Ms Carnell says.

“However, it is vital that small businesses understand that although they will have a short window of time to declare any errors to the Australian Taxation Office, the amnesty only applies to missed superannuation payments up to 31 March 2018.

“Small businesses should speak to their trusted financial advisers now to get their affairs in order.

“To qualify for the amnesty, employers have to come forward voluntarily, without direct prompting from the ATO, and pay all employee entitlements plus interest.

“Most small businesses do the right thing in this area, with 95% already complying.

“The amnesty will give small businesses a further six months to ensure they are compliant.

“All Australian workers deserve to be paid the entitlements they are owed.

“The ATO has access to company data through Single Touch Payroll, so it’s easy for them to find out if a small business has late or unpaid superannuation.

“Small businesses should act now to take advantage of the amnesty or face significantly higher penalties if found to be non-compliant.”

Source: medianet.

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