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

So we are now underwriting criminal scams?...

1 month 3 weeks ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

2 months ago

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

4 months ago

Entireti has unveiled the new name for the AMP financial advice businesses that it acquired last year....

4 weeks ago

A Sydney financial adviser has been permanently banned from providing any financial services, with the regulator deriding his “lack of integrity, trustworthiness and prof...

2 weeks 6 days ago

Minister for Financial Services, Stephen Jones, has provided further information about the second tranche of the Delivering Better Financial Outcomes (DBFO) reforms....

1 week 5 days ago

TOP PERFORMING FUNDS