AIST supports Senate Committee recommendations

The Australian Institute of Superannuation Trustees (AIST) has welcomed the Senate Committee report recommendations on changes to current super legislation, notably the removal of the $450 threshold and the changes to unpaid super.

AIST chief executive, Eva Scheerlinck said removing the threshold would improve the retirement outcomes of many low income earners, particularly women working part-time.

“Non-payment not only affects workers but also impacts on the competitive landscape of those businesses who are do the right thing,” she said.

“These recommendations will ensure the minority of employers who do not pay super don’t gain an unfair advantage.”

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Recommendations in the report also included ensuring super funds have appropriate arrears processes, reviewing Australian Taxation Office (ATO) resourcing for compliance activities, and extending Single Touch Payroll to all businesses.

“Improved payslip reporting is long over-due and will help employees keep better track of their super payments by providing them with the ability to check that their super has actually been paid into their fund,” Scheerlinck said.

“Superannuation is a key component of an employee’s remuneration package and these recommendations will help ensure that appropriate consumer protections are in place.”