Ombudsman welcomes super amnesty extension proposal

amnesty superannuation ATO

23 September 2019
| By Chris Dastoor |
image
image
expand image

Kate Carnell, Australian Small Business and Family Enterprise Ombudsman, has welcomed the Federal government’s proposal to extend the amnesty of non-payment of workers’ superannuation.

The government had introduced legislation last week to extend a one-off amnesty which gave the opportunity for employers to catch-up on superannuation entitlements to employees.

Without the amnesty, employers would be penalised for failing to provide superannuation entitlements.

“We support the Bill as it would provide small business with a window of time to get up to date with outstanding payments to current and past employees,” Carnell said.

“Most small businesses do the right thing in this area, with 95% already complying.”

The Australian Tax Office (ATO) had access to company data through single touch payroll which meant they could easily check if businesses had late or unpaid superannuation payments.

“If this Bill gets through, small businesses should act quickly to take advantage of the amnesty or face significantly higher penalties if found to be non-compliant,” Carnell said.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

3 weeks 5 days ago

This verdict highlights something deeply wrong and rotten at the heart of the FSCP. We are witnessing a heavy-handed, op...

1 month ago

Interesting. Would be good to know the details of the StrategyOne deal....

1 month ago

Insignia Financial has confirmed it is considering a preliminary non-binding proposal received from a US private equity giant to acquire the firm. ...

1 week 3 days ago

Six of the seven listed financial advice licensees have reported positive share price growth in 2024, with AMP and Insignia successfully reversing earlier losses. ...

6 days 8 hours ago

Specialist wealth platform provider Mason Stevens has become the latest target of an acquisition as it enters a binding agreement with a leading Sydney-based private equi...

5 days 12 hours ago