Industry Super Australia has welcomed a Senate inquiry into unpaid superannuation guarantee, saying it was “long overdue” and millions of Australians are missing out on their entitlements.
According to a statement by ISA, the matter of unpaid super guarantee was referred last week to the Senate economics committee for inquiry by ACT Senator Katy Gallagher.
Employers are required by law to contribute 9.5 per cent in superannuation towards every employee over the age of 18 earning more than $450 a month.
However, estimates suggest millions of Australians are missing out on their guaranteed super entitlements, the statement said.
“Dodging superannuation obligations is insidious and widespread, and the impacts – on retirement incomes, business competitiveness and government revenues – are far reaching,” said ISA chief executive David Whiteley.
“It’s something employees may be reluctant to speak up about for fear of rocking the boat. If you haven’t been paid your super entitlements, a written submission to this inquiry is a safe place to not only share your story but also help fix the system.”
The Senate inquiry will consider the impact of non-payment of the superannuation guarantee on retirement incomes, employer competitiveness and government revenue; the accuracy of official information and data; the effectiveness of monitoring and recovery; and the appropriateness of responses to complaints and tip-offs, the statement said.
The inquiry is expected to report its findings at the end of March 2017.
The ifa Excellence Awards are back in 2021 and nominations are now open! This prestigious accolade recognises exceptional professionals within the financial advice industry, shining a light on the outstanding achievements from the nation's best and brightest. If this sounds like you or someone you know, then nominate today for the ifa Excellence Awards 2021!
The latest ASIC estimated industry funding levy proves that the current formula is “not equitable or sustainable” according to FPA. ...
An industry body says it is in favour of a change in government as the Coalition have “unfairly targeted” financial advisers. ...
The corporate regulator's cost recovery implementation statement for the 2021 financial year indicates the costs allocated by ASIC to the advice secto...