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The previously announced SGC Amnesty is a draft law before parliament.
The proposed Amnesty provides a catch-up amnesty for Businesses to bring their SG up to date:
- Tax Deductible
- No Administration Fee
- Must also add the Interest that would have been earned
However, it is not law yet, so the Amnesty is not valid yet.
If you lodge the forms now and the Amnesty does not become law then
- you will not get tax deductibility.
- potentially the $20 per employee per quarter admin fee will apply (but the ATO has said they will not apply this fee).
- all interest will still apply.
ICB will issue members with a total implementation guide for applying the Amnesty, when it becomes Law.