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Single Touch Payroll laws pass Parliament
Parliament yesterday passed legislation extending Single Touch Payroll (STP) to all employers from 1 July, this year, which Assistant Treasurer Stuart Robert says will protect the rights of Australians to their superannuation.
The rollout of STP would give the Australian Taxation Office (ATO) up-to-date information on the amount of superannuation owed to employees, in what Robert labelled “an important improvement to transparency”.
“Employers should know the ATO will be able to closely monitor superannuation compliance, and employers will face severe consequences for ripping off their workers,” he said.
Industry Super Australia (ISA) just last week called for the STP legislation to be passed, believing that it could lead to a similarly automated system for regular superannuation payments.
The Institute of Public Accountants (IPA) also welcomed the legislation passing, seeing the potential for public accountants to help small businesses transition to digital payment systems.
“While it is appreciated that not all small or micro businesses are digitally ready for STP, their accountant is in the driver’s seat to assist them to meet these new reporting obligations,” IPA chief executive, Andrew Conway, said.
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The International Monetary Fund has raised concerns about liquidity risks within Australia’s superannuation system due to a growing share of illiquid investments, such as private equity and credit.
As new superannuation payment rules approach, a firm has underscored the need for funds to brace for significant technological adjustments.
There was a 5 per cent rise in complaints to AFCA relating to superannuation in the financial year 2023–24, according to its annual report.
APRA has ramped up its scrutiny of superannuation fund spending, particularly targeting discretionary expenses like travel, entertainment, and conferences that may not be in the best interests of members.
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