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One-off super amnesty a success
Almost 24,000 employers have admitted to either not paying or underpaying super contributions to their employees dating back to July 1992 when the compulsory scheme first started.
Now up to $600 million will be placed into the superannuation accounts of nearly 400,000 Australians in a one-off superannuation amnesty.
The amnesty, which ran from May 2018 to September 2020, gave employers the opportunity to correct past mistakes with nominal interest and without having to face the usual penalties of up to 200%.
Deputy CEO of the Association of Superannuation Funds of Australia (ASFA) Glen McCrea congratulated Assistant Minister for Superannuation, Financial Services and Financial Technology, Senator Jane Hume, on the success of the initiative, saying it helps get more money in people’s super accounts where it belongs for their retirement.
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