McAleese works through super issue


ATO approach to transport sector runs into enterprise agreement responsibilities

McAleese works through super issue
McAleese says ATO issues meant conflicting duties

 

High-profile trucking firm McAleese says historic Australian Taxation Office (ATO) changes are at the root of superannuation issues that sparked negative headlines yesterday.

The listed company noted in a trading update on Monday that it expected warranty insurance to cover a shortfall in super payments to staff at its Cootes tanker subsidiary. 

The announcement prompted mainstream media headlines that the company had underpaid the super but a McAleese spokeswoman says the issue is more complicated than that.

Its position is that ATO changes from before it bought Cootes were at odds with the enterprise agreement (EA) payment regime it inherited from previous Cootes owner Champ.

"A Company led review of superannuation costs has indicated a possible underpayment of employee superannuation in the Cootes Transport business which pre-dates the acquisition of Cootes Transport by McAleese Group in April 2012," McAleese states today.

"The superannuation matter is technical in nature and relates to changes made to legislation and ATO guidelines regarding what constitutes the earnings base for calculating superannuation."

The company is working with the ATO and an independent accountant to quantify the amount owed with a view to the shortfall being made up in the first quarter of next year.

 

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