Employers that have fallen behind with their superannuation guarantee (SG) obligations will have 12 months to “self- correct” under a new amnesty announced late last month.
WHO GETS A TAX CUT FROM 1 JULY?
The ATO estimates that $2.85 billion is currently owed in late or missing SG payments. Running from 24 May 2018 for 12 months, the amnesty encourages employers to reduce this SG gap by providing relief from the punitive penalties that normally apply to late payments.
Even if you do not believe that your business has an SG underpayment issue, it is worth undertaking a payroll audit to ensure that your payroll calculations are correct, and employees are being paid at a rate that is consistent with their entitlements under workplace laws and awards.