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Hundreds of thousands of Aussies get $1.1 billion windfall from tax office
Hundreds of thousands of Australians have received a well-deserved boost to their retirement savings after the tax office clawed back more than $1.1 billion in unpaid super.
Figures released by the Australian Taxation Office (ATO) on Thursday show it returned money to the super funds of more than 900,000 workers in the past financial year.
The ATO has recovered more than $1 billion in unpaid super for Australian workers. AFR/ Luis Enrique Ascui
The repayments were recovered from employers who failed to pay their workers the super they were owed.
The ATO raised more than $1.1 billion in super guarantee charge liabilities, well above last year’s $795 million.
Finder survey reinforces benefits of Payday Super
The results of a survey conducted pre-Payday Super by online comparison site, Finder, have only further reinforced the positive impact of the policy in battling the ‘scourge’ of unpaid super and missed or incorrect payments.
Data from Finder’s monthly Consumer Sentiment Tracker compiled in July – right around the time Payday Super was implemented – from 1,011 respondents found 25 per cent had experienced difficulties with their employer related to making super payments.
Approximately eight per cent of respondents said their employer never paid their super, a further seven per cent said their employer paid the incorrect amount, six per cent indicated their employer missed multiple payments and four per cent said their employer had only missed a single payment.
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ATO reduces amount of unpaid super
The ATO has ensured over $1 billion in unpaid super has been distributed to workers as a result of compliance action and employer interaction.
The ATO helped return over $1.1 billion to more than 900,000 Australians in unpaid superannuation entitlements over the last financial year.
In addition, the regulator interacted with over 254,000 employers through reminders, prompts and targeted audit and review cases, raising $1.17 billion in super guarantee charge (SGC) liabilities, an increase on the $795 million raised the previous financial year.
“Super is there to support Australians in retirement. We understand how important it is that workers are not short-changed on this vital entitlement as it can have a significant impact on their future financial position,” ATO deputy commissioner Ben Kelly said.
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