Superannuation Guarantee (SG)

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

Close super guarantee salary sacrifice ‘loophole’, Senate inquiry told

A Senate inquiry has been told that a ‘loophole’ which allows salary sacrifice contributions to be counted against Superannuation Guarantee (SG) obligations should be closed. The Senate has been conducting an inquiry into Super Guarantee non-payment. Several of the submissions to the inquiry have called for this, so-called, loophole to… Read More »Close super guarantee salary sacrifice ‘loophole’, Senate inquiry told

Super contributions down on uncertainty on policy and slow wages growth

Total superannuation contributions are down over the past twelve months, likely due to uncertainty around policy settings and slow wages growth, according to the FSC/USB State of the Industry report 2017. The report says that total contributions over the past twelve months are down 1.1% from previous levels, with employer… Read More »Super contributions down on uncertainty on policy and slow wages growth

Government “acting on” SG non-compliance, forms working group

The Government says it is acting on Superannuation Guarantee non-compliance, in part by establishing a multi-agency working group to investigate the issue. A statement from Minister for Revenue and Financial Services, Kelly O’Dwyer, said that SG non-compliance is a “very serious issue.” “The Government takes Superannuation Guarantee non-compliance very seriously.”… Read More »Government “acting on” SG non-compliance, forms working group