Hot Issues
spacer
Tax Time Checklists- Individual, Company, Trust, Partnership and Super Funds
spacer
SMSFs - Our 'hardest' jobs
spacer
Tax Office reveals adventurous, dubious claims ahead of tax time
spacer
ATO reveals top tax time mistakes, set to contact 1 million taxpayers
spacer
Watch out for charges with incoming GST laws.
spacer
Super savings gap for women stuck at 30%
spacer
‘Wipe the slate clean’: Clients, accountants urged to use new amnesty period
spacer
Statistics for all Australians
spacer
Touch Payroll (STP)
spacer
‘Calm before the storm’: Government proposes 12-month SG amnesty
spacer
Government intensifies cash payments crackdown - Kelly O'Dwyer
spacer
Passive investment companies tax rate still 30%
spacer
Cryptocurrency audits tipped to increase this EOFY
spacer
Australia by numbers – Update
spacer
$2.4m lost to tax scams, ACCC reports
spacer
No GST on digital currency
spacer
Federal Budget 2018 - Overview
spacer
Your Budget
spacer
4 components of our 2018 Federal Budget
spacer
Resources to help understand and implement Single Touch Payroll (STP)
spacer
New rules capture SMSFs trading big with cryptocurrency
spacer
New passive income test for lower corporate tax rate
spacer
Tools to help you manage your financial position are available on our site.
spacer
‘A simple mistake can attract our attention’: ATO reminder about FBT slips-ups
spacer
Australia by numbers – Update
spacer
Beware residency rules if moving overseas
spacer
Meaningful tax reform in high demand
spacer
Working holidaymakers and tax returns
spacer
Single Touch Payroll – 1 April 2018 Action
spacer
Property investors on notice after ATO spots false claims
Article archive
spacer
Quarter 2 April - June 2018
spacer
Quarter 1 January - March 2018
spacer
Quarter 4 October - December 2017
spacer
Quarter 3 July - September 2017
spacer
Quarter 2 April - June 2017
spacer
Quarter 1 January - March 2017
spacer
Quarter 4 October - December 2016
spacer
Quarter 3 July - September 2016
spacer
Quarter 2 April - June 2016
spacer
Quarter 1 January - March 2016
spacer
Quarter 4 October - December 2015
spacer
Quarter 3 July - September 2015
spacer
Quarter 2 April - June 2015
spacer
Quarter 1 January - March 2015
spacer
Quarter 4 October - December 2014
‘Wipe the slate clean’: Clients, accountants urged to use new amnesty period

Businesses look set to be granted a 12-month window to address historic under-payment of superannuation, against a backdrop of ongoing warning shots being fired by the government and regulators.

       

 

The federal government’s proposed one‑off, 12-month amnesty for historical underpayment of superannuation guarantee (SG) obligations is currently before the Senate, after passing through the lower house.

Institute of Public Accountants (IPA) chief executive, Andrew Conway, sees this as an opportunity for businesses and clients alike to “wipe the slate clean.” 

“Any non-payment of this worker entitlement represents wage theft; a practice never to be condoned,” Mr Conway said in a statement earlier this week. 

“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,” he said. 

“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,” he said.

Non-payment of SG obligations has been a highly-publicised focus of the federal government’s broader package of integrity measures aimed at ensuring on-time payment and regular reporting by super funds.

As part of the measures, the ATO will also have the power to apply for court-ordered penalties which include up to 12 months’ imprisonment.

Single Touch Payroll (STP) will be central to ATO surveillance, and this plus other incoming reporting laws give the ATO access to current information about the amounts of superannuation that employers owe their employees.

This follows warning shots fired in 2017, when the ATO said it was looking to up its SG casework by one-third.

 

By: Katarina Taurian
​26 JUNE 2018
www.accountantsdaily.com.au