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.
Australia’s second-largest super fund has confirmed it is expanding its presence in the UK following significant investment in the region.
A member of the super fund has approached ASIC to investigate potentially misleading or deceptive representations by UniSuper regarding the holdings of its sustainable portfolios.
The median growth fund delivered 1.9 per cent in March, adding to the “stunning” rally that has seen super funds gain 11 per cent since November.
Vanguard has affirmed its support for the current super performance test, emphasising the importance of keeping the process straightforward.
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