Super to be enshrined in National Employment Standards

HomeInsights

Super to be enshrined in National Employment Standards.


The Government has announced that it will enshrine a right to superannuation payments in the National Employment Standards (NES).


Currently, workers not covered by a modern award or an enterprise agreement containing a term requiring an employer to make superannuation contributions have to rely on the ATO to recover their lost superannuation entitlements.


By bringing the right to superannuation into the NES, workers will have the right to directly pursue superannuation owed to them. Employers may also face civil penalties if they do not comply with the entitlement.

Penalties of up to $82,500 per breach apply to companies that are found to have contravened the NES.

The ATO’s most recent estimate of unpaid superannuation indicates that workers lost $3.4 billion in unpaid super in 2019‑20.

Your Super. Your Way

Please contact us ASAP if you would like to discuss saving tax with super contributions. 


LET'S TALK LET'S TALK


23 Feb

Smart Ways To Fit Out Your Professional Practice

There are effective ways to fit out your practice for maximum efficiency and success.


READ MORE READ MORE
23 Feb

Construction costs are returning to normal

Construction cost increases have reaccelerated, but the good news is they are now returning to their normal trend.


READ MORE READ MORE
22 Feb

Growing a Strong Business

Jackie Prossor shares her story on growth and evolving as a professional and a business owner, with the help of Shannon and the SMART Business Solutions team.


READ MORE READ MORE
21 Feb

Commercial activity could increase in 2024

Commercial transactions could start to rebound in 2025, with lower prices.


READ MORE READ MORE
21 Feb

Market Wrap - January 2024

A rally in the second half of the month helped global share markets generate solid gains in January, extending the rally from November and December.


READ MORE READ MORE
21 Feb

Meet Nicole Wicks - Client Services Manager


READ MORE READ MORE


Related News

21 Feb

Maximising Returns: A Comprehensive Guide to Property Investment

Investing in property can be a lucrative venture, especially for small business owners looking to diversify their portfolio or secure a stable source of income.


READ MORE READ MORE
21 Feb

Supercharge Your Superannuation

As a small business owner or employee on wages, planning for your future includes managing your superannuation effectively.


READ MORE READ MORE
19 Feb

Cashflow: The Lifeblood of Business

In the ever-evolving landscape of small business ownership, it is imperative to remain vigilant and proactive, especially when it comes to financial management. We delve into key strategies and insights to help small business owners navigate financial challenges effectively.


READ MORE READ MORE