September 2018
MLCo • September 2, 2018
The proposed superannuation guarantee ('SG') amnesty is a one-off, 12-month opportunity to self-correct past non-compliance (i.e., from 24 May 2018 to 23 May 2019).
The benefit is that employers will be not be liable for the administration component and penalties and be able to claim a tax deduction for the catch-up payments.
Please note that this legislation, whilst being actively promoted by the ATO, is not guaranteed until the relevant legislation becomes law. Watch this space for updates for when it is passed into law.
Also in this month's update:
- Updates in relation to company tax rates
- Division 7A benchmark interest rate for 2019
- Black economy recommendations will impact day-to-day business
- Crowdfunding donations to help drought-affected farmers
