Original article by Michael Roddan
The Australian – Page: 1 & 5 : 14-Jul-17

The Australian Government will take legislative action to close a loophole that allows companies to reduce compulsory superannuation contributions if the worker has opted to make voluntary contributions via salary-sacrificing. At present employers can legally pay less than 9.5 per cent of an employee’s salary into their super fund by basing it on the worker’s post-sacrificing wage. The reform is one of several recommendations of a report that was jointly produced by several regulatory agencies.

CORPORATES
AUSTRALIA. DEPT OF FINANCE, AUSTRALIAN TAXATION OFFICE, AUSTRALIA. FAIR WORK OMBUDSMAN, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIA. DEPT OF EMPLOYMENT, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, INDUSTRY SUPER AUSTRALIA PTY LTD, AUSTRALIA. OFFICE OF THE AUSTRALIAN SMALL BUSINESS AND FAMILY ENTERPRISE OMBUDSMAN