The Australian Taxation Office (ATO) has signaled that it will not be taking its eye of the ball with respect to employers delivering on their superannuation guarantee obligations this financial year.
In an outline of its compliance focus for 2013/14, the ATO said that it expected to contact around 19,500 employers as a result of complaints from employees that they were not receiving superannuation guarantee contributions.
The ATO said that some industries presented a higher risk of employers not complying with their superannuation guarantee obligations, and that as a result it would be closely monitoring cafes and restaurants, carpentry services and real estate services.
It reminded employers that they could be held accountable for their company’s unpaid superannuation guarantee debt under the new director penalty regime.
“Last financial year, we transferred more than $275 million of employer super contributions to member accounts after compliance action,” the ATO said.
Amid a challenging market environment, three super fund CIOs have warned against ‘jumping at shadows’.
The professional body is calling for the annual performance test to transition to a two-metric test, so it better aligns with the overarching duty of super fund trustees to act in the best financial interests of their members.
AustralianSuper, Rest, and HESTA agree on the need to retain and enhance the test, yet they differ in their perspectives on the specific areas that warrant further refinement.
Australia’s second-largest super fund has confirmed it is expanding its presence in the UK following significant investment in the region.
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