Superannuation amnesty bill passed by Parliament

A ‘one-off’ amnesty provides an opportunity for employers to make corrections for historical errors.

Employers will have a six month amnesty to correct all historical superannuation shortfalls, following the passage of key legislation.The Treasury Laws Amendment (Recovering Unpaid Superannuation) Bill 2019 passed both Houses of Parliament on Monday, and is awaiting Royal Assent.The amnesty includes underpayments outside a payroll system, such as superannuation contributions to contractors, directors and expatriates.The key details regarding the amnesty are that it:only applies for six months...

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Authors: Angelina Lagana, Hayley Lock,

Published Date: 25 February 2020