POWERED BY MOMENTUM MEDIA
Small business objects to super fund threats
Small businesses should be given the ability to complain when they are wrongly the subject of demands from industry superannuation funds, according to Council of Small Business Australia (COSBOA) chair, Peter Strong.
Strong used an appearance before the Senate Economics Legislation Committee to complain about instances where small businesses had been subjected to demands from superannuation funds for payment of superannuation guarantee (SG) contributions irrespective of whether a debt existed.
Strong said that such demands were, in the main, emanating from industry funds although some might have also been received from retail funds.
He said the demands represented a substantial problem for small businesses because they were usually accompanied with the threat of legal action which meant they could be both expensive and time-consuming.
Strong said he believed superannuation funds would take much more care in making such demands if small business employers had access to a complaints process.
Strong’s comments came as the Senate Committee used a public hearing to hear evidence with respect to the formation of the Australian Financial Complaints Authority (AFCA) during which the COSBOA chief executive suggested small business needed a voice in external dispute resolution arrangements.
Recommended for you
The Reserve Bank of Australia (RBA) has warned that significant liquidity pressures could arise in the superannuation sector if multiple risks materialise at once, potentially amplifying shocks in the financial system.
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.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
GAM LSA Private Shares AU I
37.08 3 y p.a(%)
2
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
32.63 3 y p.a(%)
3
Fidante Credit Suisse Global Private Equity
32.16 3 y p.a(%)
4
Global X GlobalX FANG+ ETF
28.28 3 y p.a(%)
5
Plato Global Alpha A
27.76 3 y p.a(%)
