✦ Plain-English Summary

Treasury Laws Amendment (Recovering Unpaid Superannuation) 2019

What it does

This law creates a temporary amnesty program that lets employers who haven't paid superannuation contributions to their workers come forward and pay what they owe without facing extra penalties. If employers disclose unpaid super during the amnesty period, they can avoid the additional charges that would normally apply on top of the money they owe.

Why it matters

Many workers have missing super contributions sitting in employer accounts that should've been paid into their retirement savings. This amnesty gives employers a financial incentive to come clean and fix the problem, which means workers get their money back faster and can actually see what's owed to them.

Key details

• The amnesty period: Employers had until roughly mid-2019 to disclose unpaid super and pay it back without copping extra penalty charges
• What's covered: The law removes certain tax penalties and charges for employers who voluntarily disclose superannuation shortfalls during the amnesty window
• Backdated effect: Some parts of the law apply from May 24, 2018 (before the bill was officially passed), so employers who already paid back unpaid super during that window get the benefit too

Official Description

Amends the: Income Tax Assessment Act 1997 and Superannuation Guarantee (Administration) Act 1992 to provide for a one-off amnesty to encourage employers to self-correct historical superannuation guarantee non compliance; and Superannuation Guarantee (Administration) Act 1992 to limit the Commissioner of Taxation’s ability to remit penalties for historical superannuation guarantee non-compliance, where an employer fails to disclose information relevant to their historical superannuation guarantee shortfall.

Committee Referrals

Senate Economics Legislation Committee

No formal division recorded

This bill passed by voice vote — parliament agreed without calling a formal count. A division is only recorded when a member explicitly requests one.

No votes yet.

No votes were recorded for this bill.