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No Extension For Super Amnesty
Apr 18, 2020
Act now to take advantage
We understand you may wish to apply for the superannuation guarantee (SG) amnesty but are concerned that, because of COVID-19, you will not be able to pay your liability.
You can read more on how to apply for the amnesty on the ATO website HERE
By law, the ATO must receive your SG amnesty application forms by 11:59pm Monday 7 September 2020
for you to be eligible. To remain eligible for the amnesty, you must pay the SG shortfalls, as well as interest charges. However, if you apply for the amnesty and are eligible for its benefits, the ATO can work with you to establish a payment plan which is flexible to help you to continue making payments.
These arrangements include:
- flexible payment terms and amounts which the ATO will adjust if your circumstances change
- the ability to extend the payment plan to beyond 7 September 2020 – the end of the amnesty period. However, only payments made by 7 September 2020 will be deductible.
If you disclosed unpaid super between 24 May 2018 and 6 March 2020, you don't need to apply or lodge again. The ATO is identifying eligible disclosures and amending assessments as quickly as possible.
For some people, this will result in them receiving a refund for the previously paid administration charges. You will need to ensure the financial institution account details are correct and provide the ATO updated details if required. This will allow them to issue any refund in a timely manner.
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1300 427 526Email:
accounting@haslam.com.au
PO Box 4592
TOOWOOMBA EAST QLD 4350
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