The Association of Superannuation Funds (ASFA) has called the superannuation guarantee (SG) amnesty a success, as $600 million will be placed in the super accounts of nearly 400,000 Australians.
The amnesty period ended on 7 September, 2020, and was a one-off opportunity that allowed employers to disclose and pay previously unpaid superannuation dating back 1 July, 1992.
Glen McCrea, ASFA Deputy chief executive, said every additional dollar in people’s superannuation account would have an impact on the adequacy of people’s retirement.
“Sadly, too many individuals are missing out not only on their superannuation contributions but the potential returns from having more money in their super account,” McCrea said.
“We congratulate the Government and the Assistant Minister for Superannuation, Financial Services and Financial Technology, Senator Jane Hume, on the success of this one-off amnesty.
“In combination with the additional integrity measures legislated early last year, it will help get more money in people’s superannuation accounts for their retirement where it belongs.
“It is essential that all employers should comply with their superannuation guarantee obligations and pay Superannuation Guarantee contributions when they are due.”