Bank makes $11 million SG error

Bank of Queensland (BOQ) has confirmed it has been forced to embark on a superannuation remediation exercise, including utilising the Government’s amnesty arrangements. 

The banks revealed its position in an announcement released to the Australian Securities Exchange (ASX) today stating that an internal review had uncovered superannuation guarantee (SG) payment irregularities with respect to an enterprise agreement covering 2010, 2014 and 2018. 

It said it had made a full and unreserved apology to the people affected and would ensure people were remediated as a matter of priority. 

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“BOQ has already made superannuation payments to the Australian Taxation Office [ATO] as part of the Superannuation Guarantee Amnesty in the amount of $2.4 million,” it said. “BOQ and the ATO will contact any current and former employees receiving these superannuation payments in coming months.” 

The bank said it had advised the Fair Work Ombudsman and the Financial Services Union and had engaged external third parties to assist with the analysis and remediation process. 

“The impact of the errors remain under investigation with further work to be done to determine the full impact,” it said. “An expense of $11 million (which includes $2.4 million already paid and provision of $8.6 million) will be taken in the FY20 financial statements,” it said. 

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