We can announce that the long-awaited Superannuation Guarantee (“SG”) Amnesty bill has now passed both houses of Parliament, and is now waiting Royal Assent to become law.
The SG Amnesty was a government introduced initiative to provide employers a one-off opportunity to self-correct past non-compliance with SG payments for employees. It was initially aimed to deal with non-compliance during the period 1 July 1992 to 31 March 2018.
An employer who is non-compliant with SG payments from 1 April 2018 or subsequent quarters will not be able to rely on this amnesty.
The Amnesty period commences from 24 May 2018 and ends six months after the date it become law / receives royal assent.
Get in touch with the team at MKS Group on 03 9374 8400 if you believe your Business needs help with this Amnesty.