Employers will have the next six months to disclose and remedy incorrect super payments without penalty.
The super guarantee (SG) amnesty bill was recently passed, providing employers who have not paid their employees’ super correctly can correct unpaid super without penalty.
The SG amnesty runs until 6 September 2020. SG shortfalls for any quarter between 1 July 1992 and 31 March 2018 may be eligible.
Visit the ATO website for details regarding the superannuation guarantee amnesty.
The ATO reports that common superannuation mistakes include:
- Not paying enough super for employees
- Missing the due dates
- Not keeping accurate records
- Not passing on the employees’ TFN to their super fund
- Not understanding when super should be paid for contractors
- Error recovery - if a date or amount is missed then a Superannuation Guarantee Charge Statement should be lodged and often it isn’t
Remember, SG contributions are to be paid on an employee’s gross salary. Now is a good time to check you are paying SG contributions correctly, and we are here to help.
Do you have questions?
Call our customer service team on 1300 13 44 33 for assistance with your queries.
We also offer complimentary personalised one-on-one service to assist and streamline your super administration. Click here to book this service with one of our friendly team members.
Remember, we're here to help make your super easy.
In presenting this information REI Super has not considered any individual person’s objectives, financial situation or particular needs. Individuals need to consider whether the advice is appropriate in light of their goals, objectives and current situation. Members should obtain and read the Product Disclosure Statement for REI Super before making any decisions and consider talking to a financial adviser before making an investment decision. Past performance is no indication of future performance.
This information has been prepared and published by REI Superannuation Fund Pty Ltd ABN 68 056 044 770 RSE L0000314 AFSL 240569. REI Super ABN 76 641 658 449 and RSE R1000412 MySuper unique identifier 76641658449129 for the general information of members of REI Super.
Although REI Super makes every reasonable effort to maintain current and accurate information, you should be aware that there is still the possibility of inadvertent errors and technical inaccuracies. The REI Super Helpline and the REI Super website are provided by Mercer Outsourcing (Australia) Pty Ltd ABN 83 068 908 912 and Mercer Financial Advice (Australia) Pty Ltd (MFA) ABN 76 153 168 293, Australian Financial Services Licence (AFSL) #411766. March 2020.