NEW Australian Taxation Office (ATO) data shows that there is over $20.8 billion in lost and unclaimed super across Australia.

Today the ATO has published the amount of lost and unclaimed super by postcode to help people find their superannuation they have lost touch with.

Assistant Commissioner Graham Whyte said that last year over 540,000 active, lost and unclaimed super accounts worth more than $4.4 billion was consolidated using ATO online via myGov.

“Often people lose touch with their fund by simply changing jobs or moving home. It’s important to know that this doesn’t mean it’s lost forever, getting back in touch is easier than you think," Mr Whyte said.

"In addition, new legislation means that for the first time, we can now start reuniting Australians with their super, without them needing to take any action. We will let them know when we have done this."

The new law also requires super funds to report and pay ‘inactive low balance accounts’ to the ATO. This includes accounts that have not received a contribution for 16 months and have a balance below $6,000.

“In total, we’ve received over 2.3 million inactive low balance accounts from super funds, valued at approximately $2.16 billion," Mr Whyte said.

“We are now working to reunite Australians with these amounts by either transferring it into an active super account, or directly into their bank account where the amount is less than $200 or the member is aged over 65 years.

“So far, we have reunited just over 841,000 accounts worth nearly $1.38 billion. This includes approximately 684,000 accounts worth $1.22 billion that have been transferred into an individual’s active super account and approximately 157,000 accounts worth $161 million directly to individuals’ bank accounts. We will be continuing this work throughout November and into the future. We will let you know after we have reunited you with your super.

“We expect more than one million people will receive a direct payment," Mr Whyte said.

“With the ATO now able to reunite these inactive low balance accounts and previously unclaimed accounts, we’ve already started to see some incredible examples of people receiving meaningful boosts to their retirement savings.

“One woman aged 68 will be directly paid over $1.5 million that was unclaimed and she’d lost touch with.

“Another woman was previously reunited with over $600,000 of unclaimed super after losing her home in a bushfire. As she was over 65, we were able to pay that money directly to her and she is now able to use this money to rebuild her life.

“In this case, it wasn’t until the woman reached out to us that she realised she had so much super. That’s why it’s great that we can now start proactively reuniting people with their super that they might not know about.

“Anyone who thinks they may get a direct payment should make sure their bank account details are up to date by logging in to ATO online via MyGov.

 “Even if you won’t be eligible for a direct payment, it’s important to do your future a favour by engaging with your super now.

 “While it’s great that this new legislation means we can now proactively reunite Australians with their super, there are instances where we cannot reconnect you with your super.

“That’s why I recommend using ATO online to check that you aren’t missing out on any lost or unclaimed super that’s being held by us or your super fund ," Mr Whyte said.

For information on how to manage super and view all personal super accounts including lost and unclaimed super, visit ato.gov.au/checkyoursuper

To find out how much lost super is in a postcode and to see other superannuation statistics, visit ato.gov.au/lostsuper

Top 10 postcodes ranked by number of lost and unclaimed super account values as at 30 June 2019

ends

EMPLOYERS are being urged to plan ahead for the 2020 flu season and offer their staff flu vaccinations to reduce sick days and boost productivity, following this year’s record-breaking flu season which resulted in about 812 deaths and 298,120 Australians diagnosed with influenza.

TerryWhite Chemmart CEO Duncan Phillips said absenteeism was currently costing Australian businesses about $33 billion every year, underscoring the results of a 2017 survey where 84 per cent of organisations said reducing absenteeism was a focus for their business.

“Influenza is a major cause of absenteeism and failure to take action can impact your employees’ health and that of your bottom line,” Mr Phillips said. “In 2018, there were 58, 570 confirmed laboratory notifications of influenza in Australia. This year has seen a 408 percent increase in confirmed laboratory notifications making it officially the worst season on record.”

In response to this ongoing cost to business, Mr Phillips said health and wellness programs were becoming more popular, with more than two in five Australian workers (43%) inow being offered a wellbeing program through their workplace.

“Organisations should plan ahead for their wellness programs to support preventative health, reduce the potential for absenteeism and boost worker engagement and productivity,” Mr Phillips said.

“Flu vaccination programs are the most commonly offered workplace health initiatives, with 70 per cent of companies offering programs onsite for employees and 30 per centvii subsidising employees to receive a vaccination offsite.

“At TerryWhite Chemmart, we offer a Corporate Flu Vaccination program that has received very positive client feedback. Employers – who provide flu vaccinations to staff through our electronic voucher system – appreciate how simple and easy the service is. Staff can book in a flu vaccination at any time that is convenient to them during the flu season at one of our participating pharmacies.

“By offering flu vaccinations through a health and wellness program, businesses can positively impact their employees’ health and help reduce absenteeism. Healthy employees not only live better lives, but they also help boost the working lives of their colleagues and help to deliver better work outcomes,” Mr Phillips said.

TerryWhite Chemmart professional practice manager Chris Campbell said the best prevention against the flu was an annual flu vaccination, as flu strains evolved constantly.

“The influenza virus can easily spread from person to person, with infected patients contagious 24 hours before the presentation of symptoms and infectious for up to a week after the onset of symptoms. Flu symptoms usually include a sore throat, runny nose, headache, fever and coughing,” he said.

“The highly infectious nature of the virus means it can have a massive impact on the workplace, with the virus circulating quickly between co-workers and even onward to their family or friends.”

Under the TerryWhite Chemmart Corporate Flu Vaccination program, corporate partners receive coded flu vaccination vouchers to distribute to their employees, with employers only paying for vouchers redeemed. Employees simply book their appointment online at www.terrywhitechemmart.com.au/flu and enter their unique code to receive the vaccination at a time and location convenient to them at participating pharmacies.

TerryWhite Chemmart’s professionally trained pharmacists will administer the quadrivalent flu vaccination, which helps to protect employees against four strains of influenza. The flu vaccination service is completed within minutes in a private consultation space.

https://www.terrywhitechemmart.com.au/corporateflu/

ends

THE Australian Securities and Investments Commission (ASIC) will appear before the Parliamentary Joint Committee on Corporations and Financial Services at a public hearing in Sydney on Tuesday, November 19, 2019.

The committee will hold two hearings. First, the committee will review the performance and operations of the corporate regulator, following on from the first ASIC oversight hearing on Friday, September 13, 2019.

Second, ASIC will give evidence to the committee for its inquiry into the regulation of auditing in Australia.

Public hearing details
Date:  Tuesday, 19 November 2019
Time:  9am to 12pm (ASIC Oversight), 1pm to 4.30pm (Regulation of auditing)
Location: Portside Room, Portside Centre Sydney, Level 5, 207 Kent St, Sydney NSW 2000.

The hearing will be broadcast live at aph.gov.au/live.

ends

WASTE SERVICES workers at the City of Sydney have this morning walked off the job in response to management’s refusal to consult with them over a proposal to outsource household garbage collection to a private contractor without an open tender process.

Almost 100 waste services staff voted to immediately stop work this morning after management refused to answer their questions or undertake genuine consultation regarding the proposal to hand over the work to private contractor Cleanaway.

Workers had been seeking meetings with management for several weeks in an attempt to resolve the dispute, before being told this morning that they would not have their questions answered.

The United Services Union said the outsourcing proposal was deeply flawed and had caused a great deal of angst and uncertainty among the City of Sydney’s loyal workforce.

“Workers are concerned by this plan which would see a private contractor take over all household garbage collection across the city without an open and transparent tender process or expressions of interest,” USU general secretary Graeme Kelly OAM said.

“Workers have spent weeks seeking a meeting with management to discuss this proposal, and when it finally took place they were simply told their questions would not be answered and no negotiation would be entered into.

“Waste services workers feel they have been left with no choice but to stop work in an effort to force the City of Sydney to undertake genuine consultation with them.”

Mr Kelly said there were serious concerns about the proposal, the impacts on workers and the community, and the lack of transparency involved in the multi-million dollar contract.

“A proposal that hands over a huge contract to a private company without a tender process or open expressions of interest should ring alarm bells for every ratepayer in the City of Sydney,” Mr Kelly said.

“Management has refused to answer whether this proposal is about cutting costs or even state that it would be cheaper than retaining the current workforce.

“For ratepayers, this plan would mean the loss of the effective and efficient council waste services members who go out of their way every day for the residents of the City of Sydney.

“Our members know their local community, they treat residents with respect, and over many years of dedicated work they have come to know those that need special help.

“If the City of Sydney takes the easy road of contracting out garbage services instead of retaining a well-trained, passionate, committed workforce, the community will be left the poorer for it.”

ends

THE Joint Committee of Public Accounts and Audit will hold its first public hearing in Canberra on Friday, November 15, 2019 as part of the Inquiry into the Efficiency and Effectiveness of a number of government programs and initiatives as contained in the below Auditor-General’s Reports:

• No. 25 (2018-19) Efficiency of the Processing of Applications for Citizenship by Conferral

• No. 29 (2018–19) Efficiency of the Investigation of Transport Accidents and Safety Occurrences

• No. 38 (2018–19) Application of Cost Recovery Principles

No. 42 (2018-19) Management of Small Business Tax Debt

No. 44 (2018–19) Effectiveness of the Export Finance and Insurance Corporation

No. 45 (2018–19) Coordination and Targeting of Domestic Violence Funding and Actions

No. 51 (2019–19) Farm Management Deposits Scheme

The public hearing program and further information about the inquiry is available on the committee’s website.

ends

MORE THAN 150 working women have converged on Devonport for the bi-annual Women in Male Dominated Occupations and Industries conference, which aims to encourage recruitment, retention, and improved conditions for women.

Over more than 20 years, this affirmative action initiative of the trade union movement has helped inspire hundreds of women and given them the tools needed to enter, advance, and thrive as a minority in some of the toughest workplaces around.

The three day conference will feature talks by high-profile women, including Australian Council of Trade Unions secretary Sally McManus and Member for Franklin Julie Collins.

Maritime Union of Australia National Divisional Womens Officer Mich-Elle Myers said the WIMDOI network had been a vital resource that had helped many women advance in industries once considered “men’s work”.

“In countless industries and occupations that were once considered ‘men’s work’, women are making huge inroads,” Ms Myers said.

“WIMDOI is about providing the support, encouragement, mentoring, and assistance that is needed to encourage more women to enter these industries.

“Run by women trade unionists, we focus on the steps needed to break down barriers, offer support, improve retention, and ensure women receive the same wages and conditions as their male counterparts through collective action.

“Members of WIMDOI have gone on to become highly successful in some of the toughest workplaces around as a result of the support and encouragement of the network.

“Others have become leaders of our unions, using their skills and experience to deliver better outcomes for everyone working in their industries.”

The Spirit of Wimdoi Conference is being held from November 12 to 14 at the Paranaple convention centre in Devonport.

ends

THE Queensland Resources Council (QRC) has welcomed the Australian Government’s announcement of new finance pathways for critical minerals projects, along with a special project facilitation office.

QRC chief executive Ian Macfarlane will join Resources Minister Matt Canavan’s Australian critical minerals delegation to Washington next week to further develop the US-Australia trading partnership.

“Queensland will be at the forefront of the development of Australia’s critical minerals,” Mr Macfarlane said.

“This emerging part of the resources sector will play a strategic role for Australia in terms of defence industries, manufacturing, trade and regional development.

“Our rich resources state of Queensland has significant reserves of key critical minerals including battery-related minerals," he said.

“We have 13 percent of Australia’s economic demonstrated resources of copper, 3 percent of nickel, 6 percent of zinc, 18 percent of graphite, along with 70 percent of molybdenum and significant identified deposits of cobalt, rhenium, scandium, tantalum, niobium, lithium, rare earths and vanadium.

“What’s more, the resources are identified thanks in large part to the $100 million Exploring for the Future program, which will make the area between Tennant Creek and Mount Isa one of the best mapped parts of Earth," Mr Macfarlane said.

“New investments will also mean new jobs and opportunities for regional Queensland. Our resources sector is already a powerhouse of the Queensland economy, making up one in every five dollars and one in every seven jobs.

“New investments in critical minerals will add to the jobs and possibilities in our world-leading coal, gas and metals sectors. QRC is particularly focussed on ensuring the best planning and development of the critical minerals supply chain," he said.

“This should include investments in transport infrastructure, as well as opportunities for processing and value adding of critical minerals within Queensland.

“QRC welcomes the opportunity to further discuss these issues and ways to strengthen global markets for Queensland commodities during the Australian trade delegation to the United States," Mr Macfarlane said.

“QRC also looks forward to working with the Queensland Government on the development of the North West Minerals Province, which will be a hub for the state’s critical minerals industry.”

www.qrc.org.au

ends

THE Australian Small Business and Family Enterprise Ombudsman, Kate Carnell has called for regulatory reform in the franchising sector that "encourages genuine cooperation between franchisors and franchisees and effectively punishes bad behaviour".

Ms Carnell said the Parliamentary Joint Committee report, Fairness in Franchising, highlighted a systemic lack of transparency and accountability in franchising and a breakdown in the operating relationship of many franchise models.

“One of the services we offer is assistance with franchising disputes, and we hear firsthand the issues that are affecting franchisees and franchisors every day”, Ms Carnell said.. 

“There is a need for urgent action in reforming the franchising sector to create a level playing field for franchises and franchisors.

“The franchising sector is worth more than $180 billion to the Australian economy and the 97,000 franchised businesses in Australia employ close to 600,000 people," she said.

“This is why it is important to strike the right balance between regulation and allowing small businesses to grow and prosper.”

The Federal Government has opened the next stage of consultation on the future regulation of the sector and is seeking feedback on the draft Regulation Impact Statement (RIS) by December 6, 2019.

“The release of the RIS gives the franchising sector the chance to create meaningful reform -- it’s critical that small businesses in the franchising sector get involved in this consultation process to ensure their voice is heard,” Ms Carnell said. 

“Small businesses that want to have their say on the future of the franchising sector can access the RIS online and make a submission.

“It is essential we see effective and timely reform in the franchising sector that is squarely focussed on fairness and creating mutually beneficial business relationships.”

www.asbfeo.gov.au

ends