AIST rejects changes to super guarantee minimum threshold

AIST, Board of Taxation report, minimum superannuation guarantee payment thresholdThe Australian Institute of Superannuation Trustees (AIST) has urged the Government to reject the Board of Taxation recommendation to change the minimum superannuation guarantee threshold.

The recently released Board of Taxation report, Review of Tax Impediments Facing Small Business, included a recommendation to change the monthly minimum threshold of $450 for superannuation guarantee payments to a quarterly minimum of $1350, see Board of Taxation recommends changes to super guarantee.

The AIST has rejected this option, with CEO Tom Garcia saying “any move to raise the exemption threshold would unfairly penalise low income workers.” Read more...

Government must tackle non-payment of super, says Cbus

Cbus, Board of Taxation, non-payment of superannuationFollowing recommendations by the Board of Taxation to reduce superannuation-related regulation on small business, Cbus super says the Government should instead ensure “that Australian’s retirement savings are maximised.”

Cbus points to research last year by Tria Investment Partners, which showed that around 650,000 Australians didn’t receive a total of $ 2.5 billion of superannuation entitlements. With the construction industry the “most prominent in the non-payment of superannuation,” Cbus has an interest in the matter. Read more...

Board of Taxation recommends changes to super guarantee

Board of Taxation, Review of Tax Impediments Facing Small Business, Superannuation Guarantee, Superannuation Guarantee ChargeThe Board of Taxation has recommended changes to the superannuation guarantee and super guarantee charge in order to remove unreasonable burdens on small business.

The Board of Taxation Review of Tax Impediments Facing Small Business was announced in March 2014 to “conduct a fast-track review to identify features of the tax system that are unreasonably or unnecessarily hindering or preventing small businesses from pursuing and achieving their commercial goals.”