Help For Workers Missing Out On Super

14:33' 28-05-2018
The Federal Government has introduced a package of reforms to protect workers superannuation entitlements. This will ensure Australian workers are paid the superannuation entitlements that they are owed.

    Kết quả hình ảnh cho Super Guarantee

    Photo: velocityaccounting.com.au

    In Australian law, the Super Guarantee (SG) is a compulsory contribution made by all employers on behalf of each of their eligible employees, paid directly to each employee’s nominated super fund, or a default fund on their behalf. Some employers do not fulfil this guarantee, depriving their employees of their super entitlements.

    Under the reforms, the Australian Taxation Office (ATO) can seek court-ordered penalties in cases where employers defy directions to pay their super guarantee liabilities. This can include up to 12 months jail in the worst cases.

    Minister for Revenue and Financial Services, Kelly O'Dwyer, said the ATO estimates that in 2014-15, around $2.85 billion in SG payments went unpaid. This means that about 5% of employers are not meeting their SG requirements.

    The reforms also require super funds to report more frequently the contributions they have received, at least monthly, so the ATO to take prompt action if necessary. In addition, the ATO's recovery powers will be strengthened and made more effective.

    To encourage employers to come forward and do the right thing, the government is offering a one-off, twelve month amnesty. During this time, employers must pay all that is owing to their employees, including the high rate of nominal interest.

    Employers that do not take advantage of the one-off amnesty will face higher penalties when they are subsequently caught. In general, this will be a minimum of 50% on top of the SG Charge they owe.

    The twelve month amnesty began with the government announcement of the reforms on 24 May.

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Keywords: australian taxation officefederal governmentsuper guarantee

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