{"id":1119,"date":"2017-07-24T05:23:49","date_gmt":"2017-07-24T05:23:49","guid":{"rendered":"http:\/\/actinvest.com.au\/?p=1119"},"modified":"2017-07-24T05:23:49","modified_gmt":"2017-07-24T05:23:49","slug":"government-to-shut-down-salary-sacrifice-loophole","status":"publish","type":"post","link":"https:\/\/actinvest.com.au\/index.php\/government-to-shut-down-salary-sacrifice-loophole\/","title":{"rendered":"Government to shut down salary sacrifice loophole"},"content":{"rendered":"<p><strong><em>The government has announced it will remove a loophole from legislation that allows unscrupulous employers to use their employee\u2019s salary sacrifice contributions to pay their Superannuation Guarantee obligations<\/em><\/strong><\/p>\n<p style=\"text-align:center\"><img loading=\"lazy\" alt=\"\" height=\"229\" src=\"http:\/\/www.plannerweb.com.au\/images\/remove-loophole.jpg\" width=\"400\" \/><\/p>\n<p>\u00a0  \u00a0 \u00a0 \u00a0 \u00a0 \u00a0<\/p>\n<p>\u00a0<\/p>\n<p>The government has announced it will remove a loophole from legislation that allows unscrupulous employers to use their employee\u2019s salary sacrifice contributions to pay their Superannuation Guarantee obligations.<br \/>\nIn a statement today, the Minister for Revenue and Financial Services Kelly O\u2019Dwyer said the Turnbull government will introduce a bill into Parliament this year that will ensure that contributions made under a salary sacrificing arrangement do not reduce their employer\u2019s superannuation guarantee obligation.<\/p>\n<p>This follows a recommendation from the Superannuation Guarantee Non\u2011compliance report to remove the loophole.<\/p>\n<p>The report made a number of practical recommendations to improve employer\u2019s compliance with their superannuation guarantee obligations, and was compiled by senior representatives from the ATO, the Treasury, the Department of Employment, ASIC and APRA.<\/p>\n<p>\u201cIf Australians are to continue to have confidence in the integrity of the superannuation system, we must ensure employers are paying workers their full entitlements, whether they are wages or superannuation,\u201d Ms O\u2019Dwyer said.<\/p>\n<p>The government also welcomed another outcome of the working group, which has been strengthening cross-agency collaboration to improve the superannuation system for Australians.\u00a0<\/p>\n<p>\u201cThe ATO has increased its focus on superannuation guarantee compliance and information sharing across agencies has improved. Agencies are committed to a continued focus on protecting employee rights and entitlements and providing a level playing field for employers,\u201d said Ms O\u2019Dwyer.<\/p>\n<p>The government is carefully considering the remaining recommendations made by the working group report to ensure that any measures progressed will improve compliance without unduly burdening employers.<\/p>\n<p>\u00a0<\/p>\n<p>STAFF REPORTER<br \/>\n14 July 2017<br \/>\nwww.smsfadviser.com<\/p>\n","protected":false},"excerpt":{"rendered":"<p><strong><em>The government has announced it will remove a loophole from legislation that allows unscrupulous employers to use their employee\u2019s salary sacrifice contributions to pay their Superannuation Guarantee obligations<\/em><\/strong><\/p>\n","protected":false},"author":1,"featured_media":1120,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[4],"tags":[],"_links":{"self":[{"href":"https:\/\/actinvest.com.au\/index.php\/wp-json\/wp\/v2\/posts\/1119"}],"collection":[{"href":"https:\/\/actinvest.com.au\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/actinvest.com.au\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/actinvest.com.au\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/actinvest.com.au\/index.php\/wp-json\/wp\/v2\/comments?post=1119"}],"version-history":[{"count":1,"href":"https:\/\/actinvest.com.au\/index.php\/wp-json\/wp\/v2\/posts\/1119\/revisions"}],"predecessor-version":[{"id":1121,"href":"https:\/\/actinvest.com.au\/index.php\/wp-json\/wp\/v2\/posts\/1119\/revisions\/1121"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/actinvest.com.au\/index.php\/wp-json\/wp\/v2\/media\/1120"}],"wp:attachment":[{"href":"https:\/\/actinvest.com.au\/index.php\/wp-json\/wp\/v2\/media?parent=1119"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/actinvest.com.au\/index.php\/wp-json\/wp\/v2\/categories?post=1119"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/actinvest.com.au\/index.php\/wp-json\/wp\/v2\/tags?post=1119"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}