POWERED BY MOMENTUM MEDIA
ASFA challenges ATO on consultations
The Australian Taxation Office (ATO) has been taken to task for initiating discussions around the implementation of single touch payroll arrangements without consulting the superannuation industry.
The Association of Superannuation Funds of Australia (ASFA) has pointed out to the ATO that while the discussions around the proposed new arrangements have been on foot since at least the middle of last year, it has only been recently that superannuation funds have been brought into the equation.
"ASFA's initial concern is that, despite acknowledging the processing of employer superannuation obligations formed part of the project scope, it is only recently that an attempt has been made to engage formally with the superannuation industry in respect to this project," the ASFA submission said.
"In recent years the superannuation industry has been going through extensive change, including implementation of mandated data standards for the electronic exchange of superannuation payments and data between employers and superannuation funds," it said. Given the ATO has regulatory oversight of the adoption of data standards, and is the standards setter, ASFA finds this lack of early engagement both surprising and disappointing."
The ASFA submission also questioned the narrow scope of the ATO project with respect to payroll deductions and its focus on PAYG withholding and superannuation compliance while ignoring other employer-based reporting such as payroll tax, workers compensation payments, child support, paid parental leave, salary packaging and employee-requested payroll deductions.
"ASFA considers that if ‘single touch' truly is the goal then the above items and other payments that flow directly out of payroll systems or are based on payroll information, should be contemplated or considered in the technical design," the submission said.
Recommended for you
A member body representing some prominent wealth managers is concerned super funds’ dominance is sidelining small companies in capital markets.
Earlier this month, several Australian superannuation funds fell victim to credential stuffing attacks, which saw a small number of members lose more than $500,000.
Small- to medium-sized funds have become collateral damage in an "imperfect" model for super industry levies, a financial institution has said.
Big business has joined the chorus of opposition against the proposed Division 296 tax.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
90.28 3 y p.a(%)
2
GAM LSA Private Shares AU I
37.08 3 y p.a(%)
3
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.44 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
31.12 3 y p.a(%)
5
Global X GlobalX FANG+ ETF
28.28 3 y p.a(%)
