AUSTRALIA - The Tax Laws Amendment (Superannuation Reporting) Bill 2004 has passed through parliament without amendment and is now awaiting Royal assent.
Previously, the Senate rejected the government’s plan to remove quarterly reporting of superannuation, with effect from January 1, and instead agreed to an amendment to allow for a simplified reporting mechanism through payslips.
But the House of Representatives did not agree to the amendment, and the Senate did not insist, meaning the Bill now effectively removes the quarterly reporting of employer super contributions to employees.
The Bill aims to reduce the administrative burden on employers who hire casual and itinerant workers, but was strongly objected to by the Association of Superannuation Funds of Australia and the Australian Council of Trade Unions.
Democrats super spokesperson Senator John Cherry had argued quarterly reporting was essential to reduce the incidence of lost accounts and particularly important in a choice of fund environment. The party suggested a new amendment which would see reporting recorded on pay slips to reduce compliance costs for small business and still ensure employees receive information on where there super is being paid into on a regular basis.
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