ASFA calls for further action on SG non-compliance
Following a spike in the number of employers failing to comply with their superannuation guarantee obligations, the Association of Superannuation Funds of Australia (ASFA) has called for greater action by the industry and the ATO.
ASFA chief executive Pauline Vamos said research by superannuation consultant Tria Investment Partners showed there has been a “large spike in the amount of non-compliance” in relation to businesses making their employees the correct superannuation payments.
“We took that [research] to the ATO and they’ve now done a report on that – they’ve said they’ve now increased compliance but we’re not sure they’re there yet,” said Ms Vamos.
ASFA has spoken to the ATO about the resources they are contributing to compliance and how fast they respond to employees who make complaints.
“I know the ATO is sort of softening on the ability of the funds to raise the non-compliance issue with the ATO but they don’t necessarily want to take straight action,” Ms Vamos said.
“I think this is something we need to lobby on; I think the industry should very strongly advocate that funds, if they have the data, should be able to report non-compliance of employers.”
Miranda Brownlee is the deputy editor of SMSF Adviser, which is the leading source of news, strategy and educational content for professionals working in the SMSF sector.
Since joining the team in 2014, Miranda has been responsible for breaking some of the biggest superannuation stories in Australia, and has reported extensively on technical strategy and legislative updates.
Miranda also has broad business and financial services reporting experience, having written for titles including Investor Daily, ifa and Accountants Daily.