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  Latest Financial Planning News
SMSFs: Our 'hardest' jobs
ASIC issues alert over big gaps in SMSF trustee knowledge
Super savings gap for women stuck at 30%
Statistics for all Australians
Super set to play bigger retirement role
Why SMSFs want estate-planning advice
The power of financial role models
Assess your retirement financial resources
Cryptocurrency audits tipped to increase this EOFY
Time to check your risk exposure?
Some general interest stats on SMSFs
Survey reveals strong opposition to retirement system changes
Check trust deed to protect super in estate planning
Australia by numbers – Update
Federal Budget 2018 – Overview
Your Budget
4 components of our 2018 Federal Budget
Tools to help you manage your financial position are available on our site.
New rules capture SMSFs trading big with cryptocurrency
Common EOFY slip-ups flagged for SMSFs
Beware residency rules if moving overseas
99 pct of SMSFs missing global opportunities
How to plan for a better retirement
Australia by numbers - Update
Determine your retirement goals
ATO issues update on cryptocurrency compliance traps
How likely is a global trade war?
Gig economy spike prompts calls for super policy changes
Australia's vital statistics
What your age should say about your super
Downsizing requires holistic tax planning
Millions of multiple super accounts erode savings
Why your retirement intentions are critical
Plans for study into elder abuse
Our website is really our digital office.
Dissecting the downsizer contribution
The Goldilocks effect - Economic and market update 4Q 17
Rates, inflation and yield - five graphs to help make sense of it all
Australia. All you need to know to be the expert.
Potential pension minefields
Confusion lingers over post-death insurance
Non-lodgement numbers slashed, 30,000 funds still in ATO’s sights
Business confidence hits 5-month high: NAB
New Year resolutions, New Year strategies
How will downsizer contributions work for SMSFs?
Where Australia is at. Our leading indicators.
‘Read the tea leaves,’ brace for cryptocurrency regulation, advisers told
Power of retiree super dollars
Beyond share prices
Financial advice is the leading trigger to review insurance inside Super
Opinion – 2018 to be the year of the machine
Rising risks to the status quo
UPDATE: Australia's vital statistics
As share prices rise, the risk-return trade-off gets tricky
Technical expert flags top 3 traps with CGT relief
Become a better investor through your holiday reading
Australia's vital statistics
Made in Albania? How globalisation is creating challenges for Chinese policymakers
Our Advent calendar for 2017
For the young it a question of engagement
Address Under-insurance at Personal Finance Level - Global study
Realism vs reality - working part-time as retirees
SMSFs warned on ‘ticking time bomb’ with outdated deeds
Statutory wills are underutilised in estate planning
Resources on our site to help you, your family and your friends.
Calls to Review ASIC's Definition of Lapse Insurance
Paperwork bungles lead to $38k in payments
Self-employed? Don't miss out on super
Australian Dietary Guidelines and healthy eating chart (PDF)
Big concessions looking likely for transfer balance limit: ATO
Raft of superannuation measures enter Parliament
US Fed policy: Normalisation begins
What the gig economy may mean for your super
Powerful Budgeting, cash flow and Super Tools available on our site.
Australia's leading causes of death - ABS
Government introduces first home scheme laws
Are young investors wasting their youth?
ATO granted super enforcement powers
The great Australian (retiree) dream
ATO to release further guidance on reserves
A real-world benchmark for SMSF performance
How is your super going, ready for retirement?
Our 'hardest' SMSF tasks
Lack of literacy promotes unrealistic goals
Young investors: Time is on your side
Is your SMSF retirement-ready?
Key Economic Indicators, 2017 - updated
Investors acting their age
ATO locks in details, addresses panic on real-time reporting
Government ‘undermines’ tax system in new moves on property expenses
Multiple super accounts in a 'gig' society
Why Australian retirees aren't happy and what we can do about it
Doing a budget is a good idea but ....
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Government to shut down salary sacrifice loophole
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Recorded Crime - Offenders, 2015-16
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‘Bank-like heists’ make way for new wave of cyber crime
Give your children a saving and investing edge - for life
Women still in the dark about finances
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Australian population figures
ATO poised to ramp up focus on key compliance area
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Federal Budget - 2017-18 - Budget documents
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Australia in a nutshell
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Big insto addresses CGT misconceptions
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Trump stimulus to boost global markets
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Checking in on our 2016 economic outlook - and looking ahead
Making a fairer and more sustainable Superannuation System
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Australian Government - Budget 2015
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Market Update – March 2015
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To sell or not to sell?
Saving in a material world
ATO granted super enforcement powers

The government has announced a number of reforms designed to give the ATO more powers to oversee and enforce superannuation guarantee payments.



       


 


Minister for Revenue and Financial Services Kelly O’Dwyer said the new powers will provide “near real-time visibility” on employers’ superannuation guarantee (SG) compliance and enable the regulator to better enforce compliance through a new taskforce.


“The package builds on legislation already announced to close a legal loophole used by unscrupulous employers to short-change employees who make salary-sacrifice contributions to their superannuation,” she said.


Other measures announced as part of the reforms include a requirement that super funds report the contributions they receive at least monthly, strengthen director penalty notices, allow the ATO to pursue court-ordered penalties “in the most egregious cases of non-payment”, and the roll-out of the Single Touch Payroll system.



“Employers who deliberately do not pay their workers’ superannuation entitlements are robbing their workers of their wages. This is illegal and won’t be tolerated,” Ms O’Dwyer said.


“The Turnbull government is taking action to safeguard and modernise the SG so employers can’t hide from their legal duty. We will give all Australians confidence that the superannuation system is working in their best interests.”


The reforms have been met with support from industry advocacy body Australian Institute of Superannuation Trustees (AIST), who said employer non-compliance costs employees "billions of dollars" in retirement savings.


“Even on the conservative figures released today, the ATO have confirmed that there is a massive problem of underpayment that has to be addressed," said AIST chief executive Eva Scheerlinck.


“Superannuation is deferred wages and, in a compulsory super system, members must receive their full entitlements. Importantly, this package of reforms includes strengthening employer penalties for noncompliance and enhancing the ATO’s power to deal with repeat offenders.”


However, Ms Scheerlinck said more reforms needed to be implemented, noting that currently employers are only required to pay their employees' contributions on a quarterly basis, and that making these payments more frequent would also strengthen the system.


“Improved payslip reporting would help employees keep better track of their super payments by providing them with the ability to check that their super has actually been paid into their fund," she said.


"We believe this measure would have a significant impact for members. We will work with the government to bolster the efficacy of the package in this way.”


 


BY STAFF REPORTER Wednesday
30 August 2017
investordaily.com.au


 


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