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Superannuation amnesty – Giving everyone a fair go
14 Jun 2018 | Archive
An amnesty announced by the Federal Government to allow employers who have missed superannuation payments to catch up, so affected employees don’t miss out on their contribution or its earnings, has been welcomed by the Australian Chamber of Commerce and Industry.
“This is a chance for employers who have missed contributions to fix things up,” Australian Chamber CEO, James Pearson, said today.
“In welcoming this amnesty, the Australian Chamber reinforces that superannuation is a legal entitlement for employees, and employers must make sure they are doing the right thing.
“Businesses who are in doubt should seek advice, which is available from state and territory chambers of commerce and industry associations,” Mr Pearson said.
The Australian Chamber appeared before the Senate Economics Legislation Committee to support the passage of the Treasury Laws Amendment (2018 Superannuation Measures No.1) Bill 2018 which legislates the amnesty.
The amnesty legislation focuses on getting contributions and earnings into the fund, and it allows employers who need to catch up by installments to develop a payment plan with the ATO.