POWERED BY MOMENTUM MEDIA
Legislation needed to force sub-contractor super
One of the largest superannuation funds in the building and construction sector, Queensland-based BUSSQ, has called on the Federal Government to legislate to require self-employed sub-contractors to contribute to their own superannuation.
BUSSQ chief executive David O'Sullivan has claimed that in the absence of such legislation an estimated 200,000 people working as sub-contractors in the building and construction industry risk missing out on superannuation.
He said the growing number of employees becoming sub-contractors meant Australia's superannuation legislation had a massive gap that needed to be patched.
"These workers get a high hourly rate as sub-contractors which is all-inclusive and meant to cover the likes of holiday pay and superannuation, yet many workers do not contribute to their own superannuation," O'Sullivan said.
He claimed that without legislative intervention to address the issue, the Government risked creating an underclass.
O'Sullivan said the Australian Taxation Office did not seem to monitor this class of employee and had not had the determination or resources to deal with what was a major issue.
Recommended for you
Governor Michele Bullock took a more hawkish stance on Tuesday, raising concerns over Donald 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(%)
