Sunday 16 Feb 2025
Latest Accounting News
Hot Issues
Salary sacrifice and your super
5 Clauses Tenants Should Look For When Reviewing a Lease
ASIC continues crackdown on dodgy directors
Vehicle association calls for stricter definitions with luxury car tax changes
Government to push ahead with GIC deduction changes
Exploring compassionate early release of super
Have you considered spouse contribution splitting?
Best Selling BOOKS of all Time
GST fraudsters to face ‘full force of the law’: ATO
Social media scams dominate losses in 2024
Managing your business’s tax debts
Warning on ATO data matching “lifestyle” assets and your business
ATO issues alert on guarantee arrangements and Division 7A
E-Commerce Laws You Must Know To Run An Online Business
Resources and Tools to help our Clients build their future
Most Powerful Economies in Europe | 1960-2024
ATO reveals small business hit list to combat tax debt
What are the FBT implications of Employee Christmas Parties and Gifts?
Assess a business before you buy it
Christmas Parties and Taxi Fare/Rideshare – FBT implications.
Practitioners cautioned on ATO’s top target areas for GST
ATO to target growing businesses in latest compliance blitz
Our SG compliance results are here
Top 20 Most Watched Christmas Movies ever - pre covid
A Unique Advent Calendar
Businesses ghosting the ATO targeted in debt collection blitz
Claiming the tax-free threshold: getting it right
Aussies tired of ‘dodgy tax criminals’, warns ATO
Protect your small business by following these essential steps.
Super guarantee a focus area for ATO business debt collection
Controversial ‘Airbnb tax’ set to become law
Withholding for foreign residents: an ATO focus area
Articles archive
Quarter 4 October - December 2024
Quarter 3 July - September 2024
Quarter 2 April - June 2024
Quarter 1 January - March 2024
Quarter 4 October - December 2023
Quarter 3 July - September 2023
Quarter 2 April - June 2023
Quarter 1 January - March 2023
Quarter 4 October - December 2022
Quarter 3 July - September 2022
Quarter 2 April - June 2022
Quarter 1 January - March 2022
Quarter 4 October - December 2021
Quarter 3 July - September 2021
Quarter 2 April - June 2021
Quarter 1 January - March 2021
Quarter 4 October - December 2020
Quarter 3 July - September 2020
Quarter 2 April - June 2020
Quarter 1 January - March 2020
Quarter 4 October - December 2019
Quarter 3 July - September 2019
Quarter 2 April - June 2019
Quarter 1 January - March 2019
Quarter 4 October - December 2018
Quarter 3 July - September 2018
Quarter 2 April - June 2018
Quarter 1 January - March 2018
Quarter 4 October - December 2017
Quarter 3 July - September 2017
Quarter 2 April - June 2017
Quarter 1 January - March 2017
Quarter 4 October - December 2016
Quarter 3 July - September 2016
Quarter 2 April - June 2016
Quarter 1 January - March 2016
Quarter 4 October - December 2015
Quarter 3 July - September 2015
Quarter 2 April - June 2015
Quarter 1 January - March 2015
Quarter 4 October - December 2014
Quarter 3 July - September 2014
Quarter 2 April - June 2014
Quarter 1 January - March 2014
Quarter 4 October - December 2013
Quarter 3 July - September 2013
Quarter 2 April - June 2013
Quarter 1 January - March 2013
Quarter 4 October - December 2012
Quarter 3 July - September 2012
Quarter 2 April - June 2012
Quarter 1 January - March 2012
Quarter 4 October - December 2011
Quarter 3 July - September 2011
Quarter 2 April - June 2011
Quarter 1 January - March 2011
Quarter 4 October - December 2010
Quarter 3 July - September 2010
Quarter 2 April - June 2010
Quarter 1 January - March 2010
Quarter 4 October - December 2009
Quarter 3 July - September 2009
Quarter 2 April - June 2009
Quarter 1 January - March 2009
Quarter 4 October - December 2008
Quarter 3 July - September 2008
Quarter 2 April - June 2008
Quarter 1 January - March 2008
Quarter 2 April - June 2007
Quarter 2 April - June 2006
Quarter 1 of 2020
Articles
Covid-19 Update - Small Business
PM launches $17.6 billion virus stimulus plan
SG amnesty bill passes Parliament
ATO flags most common SMSF return mistakes
Expected GDP by country 2010 to 2100
ATO expands small business review pilot
A resource hub for our clients.
Risks when dating documents in 2020
Australian Taxation Office (ATO) debts may affect your credit rating
Statistical picture of Australia - Update
Absentee Property Owner – Tax Whack - Victoria
Debate heats up around $10k cash ban bill
There’s still time to move to Single Touch Payroll (STP)
Real Time World Population Growth - Wow!!
ATO audits continue to target Lifestyle assets
Property deduction errors down to ‘lack of understanding’: ATO
Data can be great stuff! - Australia
GST refunds for returned imported goods
14k employers, $230m in super: Financial Services Minister defends proposed SG amnesty
Bushfires 2019–20 (ATO)
Accounting profession responds to bushfire crisis
Helping your business survive a natural disaster - ATO
Single Touch Payroll (STP) – now ensure super is paid on time.
Beware of Australian Taxation Office (ATO) impersonation scams
Australia by the Numbers
‘Visible, valued and owned’: ATO outlines super priorities for new year
Introductory Rates & Interest Free Periods
AcctWeb article april 2020
14k employers, $230m in super: Financial Services Minister defends proposed SG amnesty

Over 14,000 employers are set to come forward under the proposed SG amnesty, paying out a total of $230 million in unpaid superannuation to employees, according to the Financial Services Minister.



       


 


In an address to the Conexus Financial Superannuation Chair Forum, Assistant Minister for Superannuation, Financial Services and Financial Technology Jane Hume said Treasury estimates an additional 7,000 employers will come forward during the six-month amnesty period, adding to the 7,000 employers that have come forward to voluntarily disclose historical unpaid super since the measure was first announced.


The SG amnesty has been in legislative hell since the measure was first announced on 24 May 2018, with the 2018 version of the bill lapsing with the calling of the 2019 federal election.


Since then, the government has introduced a 2019 bill, with amendments to include an extended six-month amnesty period from the date it receives royal assent, as well as imposing minimum penalties on employers who fail to come forward during the amnesty period.


The bill passed the lower house late last year, with debate in the Senate set to resume when Parliament sits in February.


Ms Hume also took the opportunity to shoot down detractors of the proposed amnesty, arguing that it would help return $230 million of superannuation to employees who may have otherwise completely missed out.


“I know there are those who oppose an amnesty for employers and want us to take a strictly punitive approach. But just wielding the stick won’t encourage employers who want to set the past right to come forward,” Ms Hume said.


“In fact, it encourages them to hide.


“Let me be clear: the amnesty does not reduce employees’ entitlements by one cent, nor does it let employers off the hook.”


She added: “The only person getting less out of this arrangement is the federal government — we are waiving our entitlement to fees and penalties. And we’re doing it because we want to see workers get any superannuation they’re owed, paid in full, plus sizeable interest on top.


“Further, our bill proposes that employers who fail to come forward during the amnesty and who are later found to have historical SG non-compliance will face very heavy penalties.


“So, it’s carrot, and stick.”


Underpaid super ‘impossible in the future’


With Single Touch Payroll now fully rolled out to businesses of all sizes, giving the ATO “unprecedented level of visibility” over future superannuation compliance, Ms Hume said the proposed SG amnesty would help “clean up the past”.


“Now for the first time the ATO has ‘eyes in’ real-time visibility over all wage and salary payments of employers,” Ms Hume said.


“By matching this data with near real-time reporting of contributions received by funds, the ATO can now spot issues with superannuation compliance as they occur, and we’ve given them more resources to take timely action so that these issues don’t arise in the future.”


She added: “Undetected underpayment of workers’ entitlements to superannuation — whether intentional or inadvertent — will be almost impossible in the future.


“We can deal with the future via Single Touch Payroll. Let’s do our best to clean up the past, too, and make whole those employees who have missed out on what they are rightly owed.”


 


 


Jotham Lian 
30 January 2020
accountantsdaily.com./au


 


 




8th-February-2020