Hot Issues
spacer
Global outlook summary: Down but not out
spacer
Australia - a comprehensive run-down of our vital statistics.
spacer
Your guide to smarter holiday reading
spacer
Verifying asset values in a SMSF.
spacer
Admin, BDBN errors flagged for SMSFs this year
spacer
ATO targets non-arm's length income - NALI
spacer
Retiring in their 30s or 40s?
spacer
Ranking of the world's best: Taking it personally
spacer
The value of advice - Behavioural Coaching
spacer
Our Advent calendar for 2018
spacer
Compliance, tax advice in strongest demand from SMSFs
spacer
Stop!! Don't do a paper Budget, use our online budgeting tools instead.
spacer
Franking credit policy to dent retirement savings by 15 per cent
spacer
Information needed to be the BBQ expert.
spacer
Hungry for income? Choose carefully.
spacer
Retiree self-protection: A volatility-and-downturn 'bucket'
spacer
How financial advice helps create wealth.
spacer
Superannuation gender gap narrowing, research shows
spacer
All the stats you need to see how Australia is going.
spacer
Market downturns, like this one, are to be expected
spacer
ATO claws back $850m in unpaid SG in FY 17-18
spacer
‘Hefty penalties’ with TRIS payment failures, SMSFs warned
spacer
The global financial crisis: Behind us but far from over
spacer
'Huge' professional risk in SG delays, big four firm warns
spacer
What a financial adviser can add to your portfolio's returns.
spacer
ATO updates crypto guidance
Gig economy spike prompts calls for super policy changes

The federal government is again being lobbied to extend the superannuation guarantee to include the self employed, as the gig economy becomes a staple of the Australian workforce.

       

 

The Association of Superannuation Funds of Australia (ASFA) is currently developing proposals to formally include self-employed and gig workers in the SG regime, following its initial calls for change in 2017.

A statement, released today, says ASFA will be engaging with major gig economy employers before taking a policy paper to government on the matter.

ASFA’s figures show about 19 per cent of the self-employed have no superannuation savings, compared to eight per cent of PAYG employees.

Further, the average super balance for self-employed men at age 60-64 is around $143,000, compared with $283,000 for male wage and salary earners. Similarly, self-employed women in that same demographic have about $83,000 in superannuation savings, compared with around $175,000 for female wage and salary earners.

At present, about 1.3 million Australians are self-employed, which is about 10 per cent of the national workforce. However, this is predicted to sharply increase across multiple industries, which ASFA CEO Dr Martin Fahy believes poses a significant issue to the nation’s superannuation savings.

“Most new gig workers will be self-employed contractors,” he said. “Without reform to provide SG for these workers, many will end up with insufficient retirement income.”

Products have started springing up in the market which cater to gig economy workers, including the superannuation fund gigSuper, which was founded on the belief that there is no APRA-regulated fund in the market which effectively caters to the self-employed.

“What we have discovered through talking to self-employed people is that every year they are having conversations with their accountants, who are saying to them that they should put some money into superannuation,” gigSuper co-founder Peter Stanhope told sister publication Accountants Daily earlier this year.

“Every year they are saying they’ll do it, and then then every year they don’t,” he said.

 

 

By: Katarina Taurian
​26 MARCH 2018
www.smsfadviser.com

 

Pattinson Financial Services Pty Ltd ABN 17 121 851 376 is a Corporate Authorised Representative of Infocus Securities Australia Pty Ltd
ABN 47 097 797 049 AFSL and Australian Credit Licence No. 236523

Tel: +61 2 8850 6888 | Fax: +61 2 8850 6407 | Toll Free 1300 466 637 | PO Box 6253 Baulkham Hills BC NSW 2153

site By PlannerWeb