Summary
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.