COSBOA has reviewed the reforms to Your Future, Your Super and supports the Government’s approach.
Peter Strong, CEO of COSBOA, stated “for a decade we have been pushing hard for changes to the superannuation collection process so that there is more transparency for workers and employers, and less wasted work by small business people. Our recommendations have been resisted by organisations that make money from industry superannuation funds. As a result, some $20 billion has been lost to superannuation over the last ten years. These changes from the Government are essential to the future of jobs and to better provide for people’s retirement."
Action to prevent the creation of unintended multiple superannuation accounts and all the work required by small business to administer payments
Creating an easier way for workers to choose their own funds that suit their retirement needs
Action to protect fund members from poorly managed funds that focus on income for other organisations and not for their members
Increasing accountability and transparency to the benefit of members and small business people.
Peter Strong, CEO of COSBOA, added “There is one area that creates concern with some and that is the removal of the $450 threshold for payment of superannuation by employers, which was actually a budget measure. Our members have stated this is not a big issue and it is more important that the change process for small businesses does not create difficulties and even unfair fines for people doing their best to comply. The development of single touch payroll, driven by the small business community in partnership with software developers and the tax office, is the method of removing complexity and providing certainty. COSBOA will continue to work with the Government and other groups to ensure smooth change and support for those going through change."