Following the release of the Senate Economics Reference Committee’s report on the Superannuation Guarantee (SG) system (discussed here), the Superannuation Guarantee Cross Agency Working Group (Working Group) has authored a report on SG non-compliance for the Minister for Revenue and Financial Services. The Working Group’s report echoes the Senate Committee’s in regard to digitising the current system to facilitate the ATO applying more proactive and preventative measure to monitor SF compliance.
With recommendations such as implementing Single Touch Payroll, the Working Group identified improving the visibility of SG obligations and addressing the necessity for the ATO to get “better quality and more timely data” as key priorities. Addressing these issues also brings the potential for substantially improved predictive data models to identify patterns of non-compliance. The report’s recommendations, along with those of the Senate Committee, suggest there is potential for fintech businesses to flourish in the superannuation sector.