On 24 May 2018, the Government introduced the Treasury Laws Amendment (2018 Superannuation Measures No. 1) Bill 2018, proposing a Superannuation Guarantee Amnesty, so that if you let the Commissioner know of any unpaid super all the way back to 1992, and make the payment by 23 May 2019, the payment will be deductible and the $20 per employee per period penalty will not apply.
As at 6 December 2018, our hard working parliamentarian concluded for the year, but they were too busy to enact this Amnesty bill. The Bill had made it to the Senate so all we need is approval from the Senate.
But how many days will the Senate sit before 23 May 2019, when the amnesty runs out? The Senate will sit on 12, 13 and 14 February and then not again until 13, 14, 15 and 16 May.
If you have a client who missed some super, you won’t want to miss this Amnesty, but if the Senators cannot approve the Bill as it is without any changes, it will go back to the House of Reps and return for final approval in mid May.
It looks like you will have 10 days (16 May 2019 to 23 May 2019) to tell the Commissioner of the underpayment and make the payment with certainty of the penalty…