News Muncher - searching for employers - category superannuation

1 month, 1 week ago

Is my employer right to deduct tax on leave encashment after my resignation?

I resigned in August 2024 and received leave encashment as part of my final settlement. While making the payment, the employer deducted tax on the full amount of leave encashment, contending that I had resigned and not retired. Is my employer right to deduct tax on leave encashment, as I understand this is exempt under Section 10? Leave Encashment Tax …

Retirement Tax Employee Leave Leave Encashment Encashment

3 months, 3 weeks ago

One in four workers missing out on being paid their superannuation for retirement

ABC

Australia's $3.9 trillion super system is failing to deliver financial security in retirement to millions of Australians. Over nine years, the analysis suggests that Australians have missed out on $41.6 billion in unpaid super, with women, people in insecure work, migrant workers and younger workers more likely to have been unpaid. The analysis shows men comprised 56 per cent of …

Pay Analysis Cent Unpaid Paid Unpaid Super Superannuation

5 months ago

ATO moves to claw back $50 billion in debt, but during a cost-of-living crisis it's causing turmoil

ABC

The tax office is once again perceived as the 'bad cop' on the beat and it's the Albanese government that's given it a mandate to go hard and recoup more than $50 billion in debt owed, most of it by small business. ATO takes 'firmer' action against directors it says owe billions tax and super Photo shows Andrew Christodoulou pic …

Tax Director Workers Debt Small Businesses Billion Businesses

1 year, 8 months ago

Deliberately not paying superannuation is 'wage theft' and the government is cracking down on it

ABC

Clare Elliott learned the importance of tracking her superannuation the hard way. "We think unpaid super should be treated in the same way as wage theft," he says. "We think the tax office can lift its game in recovering unpaid super," Mr Jones says. "This would just require a change that, when salaries or wages are paid, they would need …

Theft Workers Pay Wages Senate Penalties Young People

2 years, 6 months ago

Cost of living and superannuation gap leaves many migrants in Australia struggling to retire

ABC

At age 66, Suad Hirmiz found herself on the hunt for a new house to rent. While she is thankful for so much local support and what she can access in Australia, Ms Hirmiz admits as prices rise "it's very hard" and she is worried about the future. "He doesn't put money aside for super because the money he earns …

Family Parents English Australia Pay Care Myanmar

3 years, 1 month ago

Workers' superannuation used to prop up small businesses struggling with cashflow. Should it?

ABC

Imagine you owed your employer $20,000 and you didn't pay them? Industry Super Australia chief executive Bernie Dean wants superannuation paid the same day as wages so workers can better track it. The second reason superannuation goes missing is, according to ISA and Labor shadow super minister Stephen Jones, is because there's not tough enough policing from the ATO. ATO …

Workers Paid Isa Ato Superannuation Pay Super

3 years, 6 months ago

Telstra, AGL, ANZ, Macquarie Group among employers making some workers pay for superannuation rise

ABC

Large publicly listed companies including Telstra, AGL, ANZ and Macquarie Group are among employers that are asking some of their staff to use money out of their own pockets in order to fund the upcoming 0.5 per cent increase in superannuation payments. Key points: The superannuation guarantee is the proportion of wages employers must contribute to workers' retirement savings It's …

Employees Workers Base Increase Staff Supplied Rise

3 years, 6 months ago

Superannuation rises could come at the cost of wages — workers may end up paying for their own super rise

ABC

Workers expecting a big jump in their superannuation payments could get a shock on July 1. Key points: The superannuation guarantee is the proportion of wages employers must contribute to workers' retirement savings It's set to rise from 9.5 per cent to 10 per cent from July 1 But employment lawyers and others are warning some bosses may make workers …

Employees Workers Pay Wages Cost Cent Going

3 years, 7 months ago

How federal budget superannuation changes could increase your nest egg

ABC

Employers will have to dish out more funds to pay millions of Australians' higher compulsory superannuation under new changes announced in the federal budget. Super Consumers Australia director Xavier O'Halloran says the $450 a month threshold is an "archaic rule from a paper-based era that left some people not receiving any super for the hours they worked every week". Industry …

Retirement Women Budget Work Changes Cent Increase

4 years, 3 months ago

Superannuation increase faces growing opposition from Government MPs and economists

ABC

Like most people his age, 19-year-old Zac Webster doesn't pay a great deal of attention to his super. Key points: The superannuation employers must pay workers is legislated to rise from next year until it hits 12 per cent by 2025 A debate is brewing about whether the rise will mean employers refrain from increasing wages There are calls for …

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