Has paying your employees' super slipped your mind?
As a small business owner, there are so many things that we need to remember - paying wages, paying creditors and making sure you get paid!!
At SiDCOR, we understand that sometimes these things slip your mind. Until now the ATO has not been so understanding, but this could be about to change! There is legislation currently before the Senate that will allow employers to voluntarily disclose where they have short paid superannuation. The ATO are actively promoting for employers to take advantage of this one-off opportunity (ends 23 May 2019) to self-correct previous non-compliance.
What’s the carrot?
The carrot currently on the table is that any voluntary disclosure can be made without penalty providing that the disclosure is made prior to the commencement of an ATO audit. Also, if you have unpaid super between the period 1 July 1992 to 31 March 2018:
- you will not be liable for the administration component and penalties
- you will be able to claim a deduction for catch up payments made before 23 May 2019.
What’s the risk if you don’t?
Employers who are not up to date with their superannuation payment obligations to their employees and who don’t come forward during the proposed SG amnesty will be put on notice by the ATO that they may face higher penalties in the future - ouch!
Please contact us if you have any questions or would like to discuss your eligibility for this concession.