21 September 2020
One-off SG amnesty clearly a success
The Association of Superannuation Funds of Australia (ASFA) notes reports today that up to $600 million will be placed into the superannuation accounts of nearly 400,000 Australians due to the one-off superannuation amnesty.
Australia’s superannuation system is consistently ranked as one of the top private pension systems globally in terms of sustainability, adequacy and integrity, and Superannuation Guarantee (SG) compliance is a key component of adequacy.
Superannuation is an employee entitlement and a delay in contributions or non-payment can have a significant impact on the retirement living standard of those impacted.
“Every additional dollar in people’s superannuation account will have an impact on the adequacy of people’s retirement,” said ASFA Deputy CEO, Glen McCrea.
“Sadly, too many individuals are missing out not only on their superannuation contributions but the potential returns from having more money in their super account.
“We congratulate the Government and the Assistant Minister for Superannuation, Financial Services and Financial Technology, Senator Jane Hume, on the success of this one-off amnesty. In combination with the additional integrity measures legislated early last year, it will help get more money in people’s superannuation accounts for their retirement where it belongs.
“It is essential that all employers should comply with their superannuation guarantee obligations and pay SG contributions when they are due,” Mr McCrea concluded.
For further information, please contact:
Jacqui Maddock, 0451 949 300.
ASFA is the peak policy, research and advocacy body for Australia’s superannuation industry. It is a not-for-profit, sector-neutral, and non-party political, national organisation. ASFA’s mission is to continuously improve the superannuation system, so all Australians can enjoy a comfortable and dignified retirement.