An employer's failure to pay the superannuation guarantee has been confirmed as a top indicator of insolvent trading, according to new data released by the Australian Securities and Investments Commission (ASIC).
The regulator today released insolvency statistics covering the 12 months between July, 2014 and June this year in which it cited non-payment of employer superannuation guarantee contribution as a primary indicator of insolvency or, at least, reasons for a director to suspect their company was insolvent.
It said external administrators nominated an average of between two and three indicators for civil breaches, and three and four indicators for criminal breaches.
The report said the top three indicators were non-payment of statutory debts such as pay as you go tax obligations, the superannuation guarantee and the GST, serious shortage of working capital and difficulty paying debts.
However, it said that non-payment of statutory debts such as the SG represented 71.8 per cent of all alleged civil breaches and 74.4 per cent of all alleged criminal beaches.
Australia’s second largest super fund has added thermal coal companies to its list of investment exclusions.
The fund has expanded its corporate superannuation solutions to partner with Australian businesses of all sizes.
The chief executive of Aware Super anticipates a significant shift in how ESG factors will influence portfolio values in the next six years, surpassing the changes witnessed in the past two decades.
In a recent statement, shadow assistant minister for home ownership and Liberal senator for NSW, Andrew Bragg, accused ‘big super’ of fabricating data attributed to the Reserve Bank of Australia to push their agenda.
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