In multiple previous editions of S & W Insight, we have highlighted the importance of taking action regarding the Superannuation Guarantee Amnesty. Now, it’s crucial for accountants in Sydney to promptly conclude any arrangements related to accessing this amnesty.
The amnesty was introduced on 6 March 2020. The amnesty period ends on 7 September, so please ensure you do everything you need to before the expiration date. Details of the amnesty are shown in the link below.
https://www.ato.gov.au/business/super-for-employers/superannuation-guarantee-amnesty/
The ATO has recognised that many employers may wish to participate in the amnesty but are concerned about their ability to make payments due to the loss of income suffered during the COVID–19 crisis. The ATO has stated that they will work collaboratively with those who provide flexible payment plans extending beyond 7 September. Please note, however, that only payments made before the 7 September deadline will be tax deductible.
If you wish to discuss the amnesty, don’t hesitate to contact us.
Kreston Stanley Williamson Team
*Correct as of August 2020
Disclaimer – Kreston Stanley Williamson has produced this article to serve its clients and associates. The information contained in the article is of general comment only and is not intended to be advice on any particular matter. Before acting on any areas in this article, you must seek advice about your circumstances. Liability is limited by a scheme approved under professional standards legislation.
