Workers are owed over $3.6 billion in superannuation
guarantee according to the latest Australian Taxation Office estimates – a figure the Government and the regulators are looking to
dramatically change.
The net gap in SG has also declined from a peak of 5.7% in 2015-16 to 5.1% in 2020-21. The COVID-19 stimulus measures
helped drive up the voluntary contributions with the largest increase in 2019-20, which the Australian Taxation Office (ATO) says they
“suspect reflects the link between payment of super contributions and pay as you go (PAYG) withholding by employers. PAYG withholding is
linked to the ability to claim stimulus payments such as Cash Flow Boost.”
Despite these gains, a little adds up to a lot and 5.1% equates to a $3.6 billion net gap in payments that should be in the superannuation
funds of workers. Lurking within the amount owed is $1.8 billion of payments from hidden wages. That is, off-the-books cash payments,
undisclosed wages, and non-payment of super where employees are misclassified as contractors.
Employers should not assume that the Government will tackle SG underpayments the same way they have in the past with compliance
programs. Instead, technology and legislative change will do the work for them.
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In this podcast, we talk with Mick Simmons, founder of Mental Health Safety Net, a grass-roots organisation that provides suicide awareness training to workplaces and schools. Trigger Warning: This episode has content related to suicide and mental health issues.
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It’s time to take control of your time. It’s time to stop being ‘busy’ and start being ‘productive’. It’s time to learn how to invest your time to create your best life. Kate Christie has taught time to thousands of professionals and business owners around the world – exactly how to find hours of extra time and then design their best lives. What would 30 extra hours a month mean to you?
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| The Fair Work Commission (FWC) has handed down its 2026 Annual Wage Review, and the numbers are in. From 1 July 2026, the national minimum wage will rise by 5.97%, and modern award minimum rates will increase by 4.75%. |
Now's the time to review what strategies you can use to minimise your tax before 30 June.
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