Superannuation Guarantee (SG)

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

Super guarantee doesn’t need to be raised to 12%, says Grattan Institute

The Grattan Institute says it is a “big mistake” to conflate superannuation savings with retirement savings, and so the Superannuation Guarantee rate doesn’t need to be raised to 12%. Superannuation is likely to remain the smallest retirement income pillar, and accounts for only 15% of household wealth, according to analysis… Read More »Super guarantee doesn’t need to be raised to 12%, says Grattan Institute