The Federal Opposition has accused the Howard Government of incompetence claiming it printed only 1.2 million choice of superannuation fund forms when five million were required by employers.
The Opposition spokesman on superannuation, Senator Nick Sherry sought to use the findings of a survey recently conducted by the Superannuation Trust of Australia to claim that the Government was out of touch and had imposed a massive new compliance burden on business.
He said the red tape burden being imposed on employers included five million forms to be handed out to existing employees, ongoing record keeping to made available to the Australian Taxation Office and payments to multiple superannuation funds.
Sherry said that on top of this burden employers were faced with fines of up to $500 if they got it wrong.
“Super choice requires a major simplification before employers start getting hit with fines,” he said.
