SG amnesty advantages unscrupulous

SG amnesty

8 June 2018
| By Mike |
image
image
expand image

Australia’s peak union body, the Australian Council of Trade Unions has rejected the Government’s proposed 12-month superannuation guarantee amnesty claiming it allows miscreant employers to escape penalties while gaining a tax advantage.

In a submission filed with the Senate Economics Legislation Committee, the ACTU said the Government’s legislation would allow employers “who have been underpaying their workers for 26 years to not only escape penalties, but to gain a tax advantage”.

“Rather than taking steps to rectifying the ongoing injustice, the Government, once again, takes the side of unscrupulous bosses who have been ripping off their workforce,” it said. “The Superannuation Guarantee Charge has been in place for a generation, despite this the Government is claiming that ignorance is a justifiable defence for breaking the law.”

The ACTU submission said workers suffered real hardship due to unpaid superannuation and this was particularly acute for those immediately facing retirement or recently retired.

“The amnesty does nothing for workers and should be scrapped in favour of new measures allowing workers, their unions, their superannuation funds and the Australian Taxation Office (ATO) to proactively enforce and recover superannuation entitlements,” it said.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

3 weeks 5 days ago

This verdict highlights something deeply wrong and rotten at the heart of the FSCP. We are witnessing a heavy-handed, op...

1 month ago

Interesting. Would be good to know the details of the StrategyOne deal....

1 month ago

Insignia Financial has confirmed it is considering a preliminary non-binding proposal received from a US private equity giant to acquire the firm. ...

1 week 3 days ago

Six of the seven listed financial advice licensees have reported positive share price growth in 2024, with AMP and Insignia successfully reversing earlier losses. ...

6 days 6 hours ago

Specialist wealth platform provider Mason Stevens has become the latest target of an acquisition as it enters a binding agreement with a leading Sydney-based private equi...

5 days 10 hours ago