Paying Superannuation Monies to Employees
Is your organisation a little behind in paying employees the superannuation guarantee?
The Australian Government has recently introduced legislation to ensure workers are paid the superannuation entitlements they are owed. There will be a one‑off, twelve month amnesty for historical underpayment of Superannuation Guarantee, running from 24 May 2018.
To use the amnesty and avoid fines, employers must pay all the money that is owing to their employees, including the high rate of nominal interest. However, the amnesty will make it easier to secure outstanding employee entitlements, by setting aside the penalties for late payment that are normally paid to the Government by employers.
It's time to take action, because those employers that don't take advantage of the one-off amnesty will face higher penalties when they are subsequently caught.
See the full release: http://kmo.ministers.treasury.gov.au/media-release/056-2018/