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The Briefing …
Good morning, and welcome to The Briefing.
Employers are denying their workers almost $3 billion in unpaid superannuation each year, according to new estimates from the Australian Tax Office.
The ATO believes employers have withheld $17 billion in super since 2009, and that the practice is becoming more widespread. The office has also admitted its own shortcomings in catching non-compliant businesses, revealing it has only been able to detect and secure $3 billion worth of super in the same timeframe. The revelations come after pressure from the industry super sector, which published its own research last year highlighting the scale of the problem. A Senate inquiry report into unpaid super released in May, creatively titled Superbad, found the ATO’s “current approach” to tackling super non-payment was “inadequate”.
Read more here
Alex McKinnon, The Saturday Paper