On 24 May 2018, the Government introduced legislation to complement the sweeping superannuation guarantee (SG) integrity package already before Parliament by introducing a one-off, twelve-month amnesty for historical underpayment of SG.
The Treasury Laws Amendment (Superannuation 2018 Measures) Bill 2018 incentivises employers to come forward and do the right thing by their employees by paying any unpaid superannuation in full. The Bill also includes measures to streamline the SG system and support the integrity of superannuation tax system.
The amnesty is a one-off opportunity for employers to self-correct past super guarantee (SG) non-compliance without penalty.
Subject to the passage of legislation, the amnesty will be available from 24 May 2018 to 23 May 2019.
More information can be found here.
Most businesses will need to apply for a registered business name with ASIC.
You can carry on a business in your own name without registering a business name if you don’t change or add anything to your name.
By 31 October 2018, all businesses will need to register all trading names as a business name with ASIC in order to continue operating with it.
From November 2018, trading names will be removed from the ABN Lookup. The ABN Lookup contains a list of all Australian Business Numbers (ABNs) and any associated business names.
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