POWERED BY MOMENTUM MEDIA
ASFA calls for tax transparency
The Association of Superannuation Funds of Australia (ASFA) has used a submission to the Federal Treasury’s Review of Taxation Secrecy and Disclosure Provisions to point out that employees are being inappropriately prevented from gaining information about the progress of complaints regarding unpaid superannuation guarantee entitlements.
The submission, lodged with the Treasury on Friday, said it supported the consolidation of the various tax secrecy provisions within a single piece of legislation in circumstances where information held by the Australian Taxation Office (ATO) was covered by multiple pieces of legislation.
“ASFA is particularly interested in the proposed recognition of the rights of third parties where a duty is owed to them by the taxpayer,” the submission said.
“ASFA has long been concerned about the inability of an employee to gain meaningful information about the progress of a complaint about unpaid superannuation guarantee entitlements,” it said. “The problem is compounded because the failure to make superannuation contributions results in a taxation debt that only the ATO has the right to pursue.”
The submission said ASFA considered that, as a minimum, the ATO should be able to advise the employee about at least some information without it being considered a breach of the secrecy provisions or the employer’s right to privacy.
It said that among the information that should be capable of being made available to employees was whether a superannuation guarantee liability actually existed, whether there was shortfall in the superannuation guarantee, whether an assessment had been raised with respect to the superannuation guarantee liability and the date of issue of the assessment.
AUTHOR
Mike Taylor
Recommended for you
The super fund announced that Gregory has been appointed to its executive leadership team, taking on the fresh role of chief advice officer.
The deputy governor has warned that, as super funds’ overseas assets grow and liquidity risks rise, they will need to expand their FX hedge books to manage currency exposure effectively.
Super funds have built on early financial year momentum, as growth funds deliver strong results driven by equities and resilient bonds.
The super fund has announced that Mark Rider will step down from his position of chief investment officer (CIO) after deciding to “semi-retire” from full-time work.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
76.97 3 y p.a(%)
2
Global X 21Shares Bitcoin ETF
76.46 3 y p.a(%)
3
UBS Solactive Global Pure Gold Miners UCITS ETF Dis USD
51.13 3 y p.a(%)
4
Global X GlobalX FANG+ ETF
45.15 3 y p.a(%)
5
Select Baker steel Gold Institutional
43.78 3 y p.a(%)
