The Senate is looking to get tough over superannuation guarantee commitments with its economics reference committee to inquire into their non-payment.
In one of its last actions before it rose for the year, the Senate chose to shine the spotlight on employers who avoid the 9.5 per cent SG payment.
The inquiry will look at the accuracy of data collected by prudential and corporate regulators, along with the effectiveness of the Australian Tax Office’s compliance enforcement for the SG.
In 2015-16, the ATO recouped $241 million in unpaid super, interest and administration fees from employers who in one way or another were avoiding their SG responsibilities.
Australian Institute of Superannuation Trustees chief executive Tom Garcia said the problem was big with billions in unpaid super “quietly leaking” from the system because employers failed to meet their obligations, engaged in sham contracting or became insolvent.