Small Business Association of Australia founder & CEO welcomes the news of the deferred superannuation payments time frame of 12 months for small business as this will allow them to comply with their obligations without being stung with heavy penalties. It comes at a time when many small business owners are struggling financially and every bit of assistance is beneficial.
The Australian Small Business and Family Enterprise Ombudsman, Kate Carnell, says we support the amnesty to tackle non-payment of workers’ superannuation.
“Small businesses, as a rule, are good with their compliance in this area – 95% are already doing the right thing,” Ms Carnell said.
“The amnesty provides an opportunity for small business owners who are behind with their superannuation obligations to pay what they owe.”
The amnesty is for 12 months and allows business employers to get up to date with their payments for current and past employees, with no penalties.
“All Australian workers should be paid the entitlements they’re owed. The amnesty provides time for employers to speak with their trusted financial advisors and get their affairs in order,” Ms Carnell said.
Employers who miss this opportunity may face higher penalties if they are found to be non-compliant.
“Don’t wait for this opportunity to pass. Even if you owe a significant amount you can give the ATO a call, register for the amnesty, and then apply to enter into a payment schedule to catch up,” Ms Carnell said.
“This is a one-off opportunity – we urge small businesses to make the most of it.”
Written by Small Business Association of Australia. Information provided by Australian Small Business and Family Enterprise Ombudsman.