SG AMNESTY: ONE STEP CLOSER – LET’S GET ON WITH IT
The Government’s proposed one‑off, twelve month amnesty for historical underpayment of Superannuation Guarantee (SG) to complement the sweeping SG integrity package has been passed by the House of Representatives. It now needs to go through the Senate and Australia needs to get on with it, according to the Institute of Public Accountants (IPA).
“Any non-payment of this worker entitlement represents wage theft; a practice never to be condoned”, said IPA chief executive officer, Andrew Conway.
“However, we acknowledge that small businesses can sometimes experience cash flow issues, making them vulnerable when it comes to meeting their SG obligations by the required due date.
“The IPA supports this amnesty period as it incentivises employers to come forward and do the right thing by their employees by paying any unpaid superannuation in full.
“Employers that do not take advantage of the one-off amnesty will face significantly higher penalties if they are subsequently caught (a minimum 50 per cent on top of the SG Charge they owe). In addition, throughout the amnesty period the ATO will still continue its usual enforcement activity against employers.
“We are now urging all parties to push this through the Senate and make it happen and for employers to make the most of the situation.
“This one-off amnesty should be supported to allow employers to wipe the slate clean and pay their workers what they're owed, as all Australian workers should be paid their entitlements in full.
“We also want to remind employees to be cognizant of their rights and take personal responsibility for checking to make sure their superannuation payments are being made correctly,” said Mr Conway.