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Morrison signals action on SG evasion
The Federal Treasury and the Australian Taxation Office (ATO) will be taking a closer look at the non-payment or under-payment of superannuation guarantee contributions by employers, according to the Federal Treasurer, Scott Morrison.
Reacting to reports of widespread underpayments, Morrison said on radio that the reports were "alarming".
"...Obviously Treasury and the tax office will have a closer look at that," he said.
Morrison also expressed concern about whether employers were seeking to use a loophole in the superannuation guarantee legislation to offset voluntary contributions against the compulsory 9.5 per cent guarantee.
The Treasurer said the Government had already put significant resources chasing down multinational tax avoidance and it would be similarly pursuing those avoiding paying the superannuation guarantee.
"We are onto this one as well," Morrison said. "It is important for people to have a look at this. Just in the same way if they are getting paid below award rates, their employer is doing them over in some sense. They are breaking the law. They shouldn't be doing it and this is the same."
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