Retirement
More delays on super laws cops backlash
One of the leading super fund bodies has expressed its “disappointment” at the government’s delay in debating a number of superannuation reforms brought to the Senate.
More delays on super laws cops backlash
One of the leading super fund bodies has expressed its “disappointment” at the government’s delay in debating a number of superannuation reforms brought to the Senate.
Industry Super Funds Australia, the body representing 16 of Australia’s not-for-profit industry-based superannuation funds, has expressed its frustration in the wake of last week’s Senate sitting, which saw none of three superannuation reform bills brought forward for debate.
This is despite such bills being listed on the notice papers to be dealt with, along with the industry-divisive “Protecting Your Super package”.
The package proposes a series of reforms designed to ensure young individuals, those with low balances and inactive accounts are not hit with excessive fees or inappropriate life insurance.
These changes have divided the industry, with some stakeholders claiming it will result in persons who need such insurance as a result of their occupation missing out on cover.
The other bills set, but overlooked, for debate included the Treasury Laws Amendment (Improving Accountability and Member Outcomes in Superannuation Measures No. 1) Bill 2017, which will require trustees of public offer super funds to evaluate annually whether the outcomes of their MySuper products are being delivered and will give APRA the power to impose civil and criminal penalties on fund directors that do not meet these responsibilities; the Treasury Laws Amendment (Improving Accountability and Member Outcomes in Superannuation Measures No. 2) Bill 2017, which will allow employees to choose their own super and close a salary sacrificing loophole exploited by some employers; and the Treasury Laws Amendment (2018 Measures No.4) Bill 2018, which will allow the ATO to increase penalties on employers failing to comply with their mandatory superannuation obligations.
Matt Linden, deputy chief executive of Industry Super Australia, says it is vital that such bills are brought forward to debate, as everyday superfund members are unfairly missing out on super entitlements.
“Combined, the unpaid super bills would enhance payment transparency, strengthen compliance and close a loophole that allows employers to count salary sacrifice towards their SG obligations,” he said.
“In 2016, almost 3 million workers, often young people in construction and hospitality, were short-changed their super entitlements.
“New laws are needed to put a stop to rogue employers robbing their workers’ retirement savings. Measures in these bills are a good start and will make a tangible difference to millions of Australians.”
RELATED ARTICLES
Superannuation
Aware Super slashes admin fees for retirees by up to 25 per cent
Aware Super has reduced administration fees for members with a retirement income account by up to 25 per cent and lowered the maximum annual fee. Read more
Superannuation
SuperAPI co-founder criticises Labor's superannuation tax as 'sneaky tax on young people'
The co-founder of SuperAPI has labelled Labor's proposed tax on superannuation balances above $3 million as a "sneaky tax on young people, tomorrow" disguised as a policy targeting wealthy retirees ...Read more
Superannuation
Election policies could reshape Australia's superannuation landscape, expert warns
Competing superannuation policies from Australia's major political parties could have significant implications for investors and retirees, according to a financial expert. Read more
Superannuation
Industry leaders weigh in on concessional super tax as Budget confirms $55bn investment
Changes to the taxation of superannuation earnings and contributions have drawn mixed responses from financial and payroll sector leaders, as the Federal Budget confirms over $55 billion in ...Read more
Superannuation
Call for indexation on super tax cap as $3m threshold draws criticism
A senior executive in the superannuation technology sector has criticised the Federal Government for failing to index the proposed $3 million superannuation tax cap, arguing the measure will unfairly ...Read more
Superannuation
Rest members back calls for fairer superannuation rules ahead of Federal Budget
Rest has called on the Federal Government to implement superannuation reforms aimed at improving fairness across the system, after member survey results showed strong support for a range of proposed ...Read more
Superannuation
Rest welcomes progress on ‘Payday Super’ reform
Rest, one of Australia’s largest profit-to-member superannuation funds, has welcomed the Australian Government’s release of draft ‘Payday Super’ legislation, which aims to align Superannuation ...Read more
Superannuation
SuperAPI and Humanforce partner to improve superannuation compliance for one million Australians
Superannuation engagement platform SuperAPI has partnered with human capital management provider Humanforce to streamline payroll and superannuation contributions for more than one million Australian ...Read more
Superannuation
Aware Super slashes admin fees for retirees by up to 25 per cent
Aware Super has reduced administration fees for members with a retirement income account by up to 25 per cent and lowered the maximum annual fee. Read more
Superannuation
SuperAPI co-founder criticises Labor's superannuation tax as 'sneaky tax on young people'
The co-founder of SuperAPI has labelled Labor's proposed tax on superannuation balances above $3 million as a "sneaky tax on young people, tomorrow" disguised as a policy targeting wealthy retirees ...Read more
Superannuation
Election policies could reshape Australia's superannuation landscape, expert warns
Competing superannuation policies from Australia's major political parties could have significant implications for investors and retirees, according to a financial expert. Read more
Superannuation
Industry leaders weigh in on concessional super tax as Budget confirms $55bn investment
Changes to the taxation of superannuation earnings and contributions have drawn mixed responses from financial and payroll sector leaders, as the Federal Budget confirms over $55 billion in ...Read more
Superannuation
Call for indexation on super tax cap as $3m threshold draws criticism
A senior executive in the superannuation technology sector has criticised the Federal Government for failing to index the proposed $3 million superannuation tax cap, arguing the measure will unfairly ...Read more
Superannuation
Rest members back calls for fairer superannuation rules ahead of Federal Budget
Rest has called on the Federal Government to implement superannuation reforms aimed at improving fairness across the system, after member survey results showed strong support for a range of proposed ...Read more
Superannuation
Rest welcomes progress on ‘Payday Super’ reform
Rest, one of Australia’s largest profit-to-member superannuation funds, has welcomed the Australian Government’s release of draft ‘Payday Super’ legislation, which aims to align Superannuation ...Read more
Superannuation
SuperAPI and Humanforce partner to improve superannuation compliance for one million Australians
Superannuation engagement platform SuperAPI has partnered with human capital management provider Humanforce to streamline payroll and superannuation contributions for more than one million Australian ...Read more
