{"id":207,"date":"2020-04-27T09:27:00","date_gmt":"2020-04-27T09:27:00","guid":{"rendered":"https:\/\/epo2023.appletest.com.au\/?p=207"},"modified":"2023-10-26T09:32:31","modified_gmt":"2023-10-26T09:32:31","slug":"how-to-get-the-most-of-the-superannuation-guarantee-amnesty","status":"publish","type":"post","link":"https:\/\/www.epayoffice.com.au\/how-to-get-the-most-of-the-superannuation-guarantee-amnesty\/","title":{"rendered":"How to Get the Most Out of the Superannuation Guarantee Amnesty"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\"><strong>How to Get the Most Out the Superannuation Guarantee Amnesty (SGA)<\/strong><\/h2>\n\n\n\n<p>On 6 March 2020 the government introduced a Superannuation Guarantee Amnesty (SGA).<\/p>\n\n\n\n<p>The purpose of this amnesty is to give employers a chance to disclose and pay previously unpaid Super Guarantee Charges (SGCs), along with any nominal interest, which they owe to both past and current employees.<\/p>\n\n\n\n<p>The reporting period for this amnesty covers the quarter(s) of 1 July 1992 to 31 March 2018.<\/p>\n\n\n\n<p>Here are the benefits of the SGA, what the eligibility requirements are, and how to stay on top of your Super Guarantee obligations moving forward.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Why the Australian award system leaves employers\u2019 scratching their heads<\/strong><\/h2>\n\n\n\n<p>There are many reasons why the Australian award system is perceived as complex.<\/p>\n\n\n\n<p>Below is a breakdown of some of the most common complaints raised by employers and commentators across Australia.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Benefits of the Super Guarantee Amnesty (SGA)<\/strong><\/h3>\n\n\n\n<p>If your application for this amnesty is successful, this means you won\u2019t have to pay any of the following fees or penalties:<\/p>\n\n\n\n<ul>\n<li><strong>Administration fees<\/strong>&nbsp;\u2013 normally $20 per employee, per quarter<\/li>\n\n\n\n<li><strong>Part 7 penalty<\/strong>&nbsp;\u2013 up to 200% of the total SGC amount<\/li>\n\n\n\n<li><strong>Nominal interest of 10%<\/strong><\/li>\n\n\n\n<li><strong>SG shortfall&nbsp;<\/strong>\u2013 A component of the SGC, calculated based on the employee\u2019s salary and wages for the reporting period<\/li>\n<\/ul>\n\n\n\n<p>Best of all? All SGC payments you make under the amnesty are entirely tax deductible.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Eligibility requirements<\/strong><\/h3>\n\n\n\n<p>To be eligible for the Superannuation Guarantee Amnesty you must meet the following criteria:<\/p>\n\n\n\n<ul>\n<li>You have&nbsp;<strong>not<\/strong>&nbsp;been informed by the ATO of their intention to examine your SG obligations for the quarter(s) in which you intend to disclose.<\/li>\n\n\n\n<li>You need to disclose a previously undisclosed SG shortfall for one or more employees.<\/li>\n\n\n\n<li>Your lodgement covers the quarter(s) starting from&nbsp;<strong>1 July 1992 to 31 March 2018<\/strong>.<\/li>\n\n\n\n<li>Your SGA lodgement is received by the ATO no later than&nbsp;<strong>7 September 2020<\/strong><\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>The Super Guarantee Amnesty and the Covid-19 Crisis<\/strong><\/h3>\n\n\n\n<p>The ATO understands that the current economic crisis may have an economic impact on many business\u2019 wishing to apply for the superannuation guarantee amnesty. For this very reason, the ATO are offering flexible payment plans to incentivise business\u2019 wishing to apply to still come forward and make up their SG shortfalls. These arrangements include:<\/p>\n\n\n\n<ul>\n<li>flexible payment terms and amounts that the ATO will adjust if your economic circumstances change<\/li>\n\n\n\n<li>allow business\u2019 the ability to extend the payment plan to beyond 7 September 2020 if required, the end of the amnesty period. However, only payments made by 7 September 2020 will be tax deductible.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Meet your SG obligations with Single Touch Payroll (STP)<\/strong>?<\/h3>\n\n\n\n<p>Whether you run a small or large business, you should already be compliant with the government\u2019s Single Touch Payroll (STP) scheme that came into effect on 1 July 2018.<\/p>\n\n\n\n<p>The purpose of the STP is to align your payroll functions with your businesses tax and super contributions. This means, every time you pay your employees \u2013 including their salaries and wages, PAYG withholding, and super contributions \u2013 you then send their payroll information to the ATO through STP-enabled software.<\/p>\n\n\n\n<p>If you have the latest payroll and\/or accounting software, then you should already be accustomed to the STP process. However, if your payroll and\/or accounting software is out of date, then you could be at risk of not meeting your STP and Super Guarantee obligations.<\/p>\n\n\n\n<p>With payroll software like E-Payoffice, you can easily input all the necessary data related to your employees, and submit your reports straight to the ATO for each pay cycle. Alternatively, our friendly and dedicated payroll staff can take care of the setup and reporting&nbsp;<em>for&nbsp;<\/em>you \u2013 giving you more time to focus on your business.<\/p>\n\n\n\n<p>Aside from streamlining your STP obligations, you\u2019ll also have peace of mind knowing that your employees are being paid the correct super contributions, so you don\u2019t have to worry about harsh late fees or penalties.<\/p>\n\n\n\n<p><strong>Want to take the stress out of paying your employees? Take advantage of our online payroll software and outsourced payroll services for total peace of mind.<\/strong><\/p>\n\n\n\n<p><strong>To request a FREE demo of E-Payoffice,&nbsp;<\/strong><a href=\"https:\/\/e-payoffice.com.au\/contact\/\"><strong>contact us today<\/strong><\/a><strong>.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>How to Get the Most Out the Superannuation Guarantee Amnesty (SGA) On 6 March 2020 the government introduced a Superannuation Guarantee Amnesty (SGA). The purpose of this amnesty is to give employers a chance to disclose and pay previously unpaid Super Guarantee Charges (SGCs), along with any nominal interest, which they owe to both past [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":208,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>How to Interpret Australia\u2019s Complex Award System | E-Payoffice<\/title>\n<meta name=\"description\" content=\"If you\u2019re an employer who has yet to disclose and pay previously unpaid Super Guarantee charges, this amnesty could be the lifeline you need. Here\u2019s why.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.epayoffice.com.au\/how-to-get-the-most-of-the-superannuation-guarantee-amnesty\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How to Interpret Australia\u2019s Complex Award System | E-Payoffice\" \/>\n<meta property=\"og:description\" content=\"If you\u2019re an employer who has yet to disclose and pay previously unpaid Super Guarantee charges, this amnesty could be the lifeline you need. 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