Superannuation Guarantee (SG)

Leaving SG rate at 9.5% condemns low-paid to poverty in retirement

A proposal to not increase the Super Guarantee rate condemns low-paid workers to poverty in retirement and women to relying on rental handouts, says the Association of Superannuation Funds of Australia (ASFA) The Grattan Institute recently argued in a research paper that superannuation is not effective in providing retirement incomes… Read More »Leaving SG rate at 9.5% condemns low-paid to poverty in retirement

Super Guarantee crackdown doesn’t go far enough: Nick Xenophon Team

Employees are “short-changed” by proposed Government legislation cracking down on Superannuation Guarantee underpayment that doesn’t go far enough, says the Nick Xenophon Team. NXT MP Rebekha Sharkie said: “While the Nick Xenophon Team welcomes the fact that the Government is finally paying attention to this issue after we introduced our own Private… Read More »Super Guarantee crackdown doesn’t go far enough: Nick Xenophon Team

Draft Bill targeting Superannuation Guarantee underpayment released

The Government has released draft legislation aimed at cracking down on Superannuation Guarantee underpayment. A draft of the Treasury Laws Amendment (Taxation and Superannuation Guarantee Integrity Measures) Bill 2018 has been released for consultation. If the draft Bill is passed the ATO would have the power to disclose information to… Read More »Draft Bill targeting Superannuation Guarantee underpayment released

Government officially drops Super Guarantee penalty changes

The Government has officially dropped its proposed winding-back of penalties for underpayment and late payment of Superannuation Guarantee, while announcing other measures to tackle SG non-compliance. The Government had intended to “simplify” and make the SG charge and penalties “more proportionate” to non-compliance. This included changing the calculation of the… Read More »Government officially drops Super Guarantee penalty changes

Minimum Super Guarantee threshold disadvantaging Aboriginal peoples

The $450 monthly income threshold to receive Superannuation Guarantee payments disadvantages Aboriginal and Torres Strait Islander peoples and should be removed, says the Indigenous Superannuation Working Group (ISWG). Under current rules employers are not required to pay Super Guarantee to employees over the age of 18 if they earn less than $450… Read More »Minimum Super Guarantee threshold disadvantaging Aboriginal peoples

ATO needs more funding to audit businesses not paying Super Guarantee: ASFA

The ATO should receive more funding in order to better audit businesses for unpaid Superannuation Guarantee, says the Association of Superannuation Funds of Australia (ASFA). ASFA CEO Dr Martin Fahy said that recent reports showed there was “substantial” non-payment of, what should be, compulsory superannuation entitlements. “Non-payment of super is… Read More »ATO needs more funding to audit businesses not paying Super Guarantee: ASFA