The Federal Government has not gone far enough in beefing up unpaid superannuation laws, according to Industry Super Australia (ISA).
The industry funds organisation responded to the Government’s announcement of new legislation by claiming that while it is welcome, it misses a key opportunity to align compulsory superannuation payments with regulator wage cycles.
ISA public affairs director, Matt Linden said that while the Government’s legislative moves to enhance Australian Taxation Office (ATO) enforcement powers and utilise Single Touch Payroll were welcome, the changes needed to go much further.
“In not aligning compulsory superannuation payments with regular wage cycles, these laws fall seriously short of protecting worker interests,” he said. “A four-month delay from when a super entitlement appears on a payslip to when an employer has to pay it to an employees’ fund is at odds with our digital world.”
Linden said it was also time for the Government to reconsider the $450 per month super guarantee threshold.
“In the gig economy with increased casual work, the meagre threshold at which employees become eligible for super has reached its use-by-date,” he said.
A “concerning” number of Aussies don’t know what they pay in super fees, a young super fund has said.
The corporate regulator has shared some ‘disappointing’ findings upon reviewing the public communications of more than 20 trustees with regards to death benefits.
According to the industry body, funds should have an obligation to transfer members in failing products to better-performing products in a timely way.
The $9 billion fund is backing agriculture investor GO.FARM, with its capital already directed towards enhancing two key assets.
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