Accounting & Tax Audit Finance Financial Planning Self Managed Super

Right to super to be enshrined in National Employment Standards

The Government has announced that it will enshrine a right to superannuation payments in the National Employment Standards (NES).

Currently, workers not covered by a modern award or an enterprise agreement containing a term requiring an employer to make superannuation contributions have to rely on the ATO to recover their lost superannuation entitlements.

By bringing the right to superannuation into the NES, workers will have the right to directly pursue superannuation owed to them. Employers may also face civil penalties if they do not comply with the entitlement.

Penalties of up to $82,500 per breach apply to companies that are found to have contravened the NES.

The ATO’s most recent estimate of unpaid superannuation indicates that workers lost $3.4 billion in unpaid super in 2019‑20.

Latest

News

How your credit report affects mortgage applications

If you’re new to buying property, you’ll want to understand your credit report and how it may i ... read more

Using your equity to buy an investment property

If you’ve paid down your home loan somewhat or your property has appreciated in value, you may be ... read more

Property prices

Property prices are climbing to record highs, interest rates are on hold but could be dropping ... read more