AUSTRALIA: The A$800m Tasplan fund has highlighted concerns expressed by employers that they may be "inadvertently" failing to comply with recent superannuation legislation.
According to Neil Cassidy, Tasplan general manager, one of the major areas of concern is that some businesses have viewed the 2005 introduction of choice of super as a one-off exercise without any ongoing requirements.
The choice legislation requires affected employers to provide employees with a standard choice form on request. There are time-lines for processing these forms and commencing super-contributions to a new fund.
Cassidy said: “The federal government has been gradually increasing the compliance burden on businesses over the past few years and some employees are not sure where they are meeting all the requirements.
Tasplan claimed the situation had been made more complex because circumstances of many businesses changed as they moved in and out of workplace agreements and as the impact of the federal government’s industrial relations reforms took effect.
“The federal government want to ultimately remove superannuation as an allowable matter in industrial awards,” Cassidy claimed. “The implication of this could be that some businesses lapse into non-compliance over time.”
In response to this, Tasplan has offered to provide free diagnostics help to allow businesses to comply with legislation.
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