The 12-month amnesty for historical underpayment of the Superannuation Guarantee (SG) needs to pass through the Senate and Australians need to “get on with it,” according to the Institute of Public Accountants (IPA).
IPA chief executive officer, Andrew Conway, said although non-payment of SG represented wage theft, small businesses could sometimes experience cash flow issues, which made them vulnerable when it came to meeting SG obligations by the required due date.
“The IPA supports this amnesty period as it incentivises employers to come forward and do the right thing by their employees by paying them any unpaid superannuation in full,” he said.
Employers that did not take advantage of the one-off amnesty would face a minimum of 50 per cent on top of the SG charge they owed if they were subsequently caught, according to Conway.
“This one-off amnesty should be supported to allow employers to wipe the slate clean and pay their workers what they’re owed, as all Australian workers should be paid their entitlements in full.”
“We also want to remind employees to be cognisant of their rights and take personal responsibility for checking to make sure their superannuation payments are being made correctly.”