Well – it’s been a long time coming, but the amnesty bill has finally passed both houses of Parliament and has one more hoop to jump through before it’s finalised.
This amnesty means that employers have up to six month after it has been finalised to do the right thing and pay their Superannuation obligations incurred from 1st July 1992 through to 31st March 2018.
Any payments made from 24th May 2018 will also be included in this amnesty, which will see less penalties being imposed than normal onto the employer.
This is a massive opportunity for employers to clear employee liabilities. In some cases businesses may find it worthwhile to swap this employee liability for a bank liability. Bank loans maybe more manageable and ensure that the stress of legally owing their employees is cleared.
For more details on the progress of this bill refer to this Accountants Daily article.