Will the Budget hit the gig economy?
The Government may use tonight’s Federal Budget to address the impact of the so-called “gig economy” on the superannuation guarantee (SG).
Principal consultant, Legal and Risk with consulting firm, QMV, Jonathan Steffanoni has pointed to action with respect to the gig economy as being one the few superannuation related measures possibly included in the Budget.
“Growth in the Gig Economy and single worker businesses may see policy changes related to the self-employed, independent contractors and dependent contractors as a means of protecting the coverage of mandatory SG employer contributions,” he said.
As well, Steffanoni suggested the SG $450 minimum threshold might also be in the Budget crosshairs as a means of ensuring coverage for low income workers, with advances in technology making the administration costs for employers mostly redundant.
Steffanoni also noted there had been indications the Government might move to further defer or abandon increases in the SG to reach 12 per cent by 2025, but suggested this would prove to be political polarising.
Recommended for you
Government has introduced a bill to Parliament to legislate the first stream of the QAR reforms.
ASIC now has a 1:1 ratio when it comes to court success in the enforcement of crypto activities and more action is expected as Treasury seeks to introduce a regulatory framework.
A leading governance body has hit out at “specialist interest groups proposing ad hoc law reform” when it comes to reforms of financial services legislation and believes an independent body is needed.
The release of ALRC’s final report into financial services legislation has highlighted financial advice as a “significant” focus as it seeks to reduce costs and help advisers understand their obligations, alongside the Quality of Advice Review.
