POWERED BY MOMENTUM MEDIA
Govt must go further on unpaid super
The Federal Government has not gone far enough in beefing up unpaid superannuation laws, according to Industry Super Australia (ISA).
The industry funds organisation responded to the Government’s announcement of new legislation by claiming that while it is welcome, it misses a key opportunity to align compulsory superannuation payments with regulator wage cycles.
ISA public affairs director, Matt Linden said that while the Government’s legislative moves to enhance Australian Taxation Office (ATO) enforcement powers and utilise Single Touch Payroll were welcome, the changes needed to go much further.
“In not aligning compulsory superannuation payments with regular wage cycles, these laws fall seriously short of protecting worker interests,” he said. “A four-month delay from when a super entitlement appears on a payslip to when an employer has to pay it to an employees’ fund is at odds with our digital world.”
Linden said it was also time for the Government to reconsider the $450 per month super guarantee threshold.
“In the gig economy with increased casual work, the meagre threshold at which employees become eligible for super has reached its use-by-date,” he said.
Recommended for you
Governor Bullock took a more hawkish stance on Tuesday, raising concerns over Trump’s escalating tariffs, which sent economists in different directions with their predictions.
Equity Trustees has announced the appointment of Jocelyn Furlan to the Superannuation Limited (ETSL) and HTFS Nominees Pty Ltd (HTFS) boards, which have oversight of one of the companies’ fastest growing trustee services.
Following growing criticism of the superannuation industry’s influence on capital markets and its increasing exposure to private assets, as well as regulators’ concerns about potential risks to financial stability, ASFA has released new research pushing back on these narratives.
A US-based infrastructure specialist has welcomed the $93 billion fund as a cornerstone investor.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Global X GlobalX FANG+ ETF
33.51 3 y p.a(%)
2
Spire Oaktree Opportunities XI Second Close
32.68 3 y p.a(%)
3
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.62 3 y p.a(%)
4
Spire Oaktree Opportunities XI First Close USD
31.36 3 y p.a(%)
5
Fidante Credit Suisse Global Private Equity
29.60 3 y p.a(%)
