So what happened to the market last year? Where is it going? Here is a two page quick read summary.

The proposed superannuation guarangee (‘SG’) amnesty is a one-off opportunity for employers to self-correct past SG non-compliance.

The ‘carrot’ currently on the table is that any eligible voluntary disclosures with respect to an SG shortfall can be made without penalty.

Subject to the passage of legislation currently before the Senate, the SG amnesty will be available from the 12-month period from 24 May 2018 to 23 May 2019.

The proposed SG amnesty appalies to previously undeclared SG shortfalls for any period from 1 July 1992 up to 31 March 2018.

It will not apply to a period starting on 1 April 2018 or subsequent periods.

Employers who voluntarily disclose previously undeclared SG shortfalls during the SG amnesty (i.e., importantly before the commencement of an ATO audit) will:

* Not be liable for the administration component and penalties that may otherwise apply to late SG payments, and

* Be able to claim a deduction for catch-up payments made during the relevant 12-month period.

This means that employers will still be required to pay all employee entitlements, including any unpaid SGT amounts owed to employees and the nominal interest, as well as any associated general interest charge (i.e., GIC).

Employers who are not up-to-date with their SG payment obligations to their employees and who don’t come forward durin the proposed SG amnesty have been put on notice by the ATO that they may face higher penalties in the future.

If you have any questions about the SG amnesty or would like some help from the friendly team at BSC Business Advisors, please click here to contact us or give the team a call on 3135 9420.

Last Friday at the Logan Small Business Expo BSC were proud to present our team and services to local businesses.

We also ran a couple of raffles and would like to congratulate the lucky winners:

• Winner of the Dinner Voucher was Lorraine from Retro Lil
• Winner of the Movie Voucher was Linda from Linda’s Lingerie

Thanks to everyone that came and entered the raffle – hope to see you all at the next one!

Regards

The friendly team at BSC Business Advisors

Our newsletter this week comes via Centrepoint Alliance and is entitled ‘Prepare for Life’ – in this issue we’ll take a look at a few articles. The first is ‘Are you prepared?’ and involves some information on life insurance. We also have details on the value of financial advice in the wake of the banking Royal Commission, and what to do when releationships break down with regards to superannuation.

Click here to read a PDF copy of the BSC Business Advisors newsletter. If you’d like to sign up, please email Le-Anne Luckman: le-anne@bscbusinessadvisors.com.au