AUSTRALIA - Employers are to bear the cost of printing 3.8m forms to implement the federal government's choice of superannuation fund legislation, the Opposition has warned.
In a joint statement, Nick Sherry (pictured), shadow minister for finance and superannuation and Tony Burke, shadow minister for small business, said employers face a “major new red tape burden” – form filling, record keeping and cost under the new super system, which takes effect on July 1.
They predicted the consequence would be “tens of millions of dollars a year” in new costs to employers.
Sherry and Burke said 5m employees will need to be given the forms by their employer over the next few months with a further 1m forms needed each year thereafter.
“It is outrageous to expect employers to carry the cost of printing millions of forms on top of all the other new costs,” the shadow ministers said in a statement.
“Businesses are complaining that the Tax Office info line is telling employers to print and pay for their own forms.”
At the Senate Economics Estimates, Sherry said the Australian Tax Office (ATO) confirmed the cost of postage; printing and processing the forms, would be borne by the employer.
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Barnett Waddingham's head of business development Adrian Cooper has left the consultancy to join TPT Retirement Solutions in a newly-created role.