EMPLOYEES are being urged to check statements from their super funds to ensure they’re being paid correctly.
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In the past five years, the Australian Tax Office uncovered $1.3 billion in unpaid superannuation.
Tax Institute senior tax counsel Robert Jeremenko said the ATO was ramping up its surveillance of employer-paid super but individuals should still monitor their super themselves.
“It’s one of the things that Australians expect, and rightly expect, that it’s just part of your salary, something that the law requires,” Mr Jeremenko said.
Employers must make a mandatory 9 per cent superannuation contribution on behalf of their employees to superannuation funds.
“But it’s always a matter of the tax office having to balance the resources it has and focus on so many different areas of the tax system and make sure that people are complying,” Mr Jeremenko said.
“The reality is they can’t look at everyone, that’s why some bad eggs do get away with doing the wrong thing.”
He said the only way to be confident your super was safe was to check yourself.
“If anyone does have concerns the best thing to do is contact your fund and get a statement.”