POWERED BY MOMENTUM MEDIA
ATO issues reminder on SuperStream
The Australian Taxation Office (ATO) has declared that it is encouraging employers to prepare for the introduction of SuperStream.
The ATO this week issued a statement in which it said it expected that most large and medium employers would implement SuperStream between July and December this year and that, as a consequence, they would need to start preparing to ensure they were ready to make the transition.
Commenting on the SuperSteam changes, the ATO’s national program manager, Data Standards and E-commerce, Philip Hind said SuperStream was one of the most significant improvements to the compulsory superannuation system since its inception.
“All employers need to introduce changes in the way they currently make super contributions,” he said, noting that those already working electronically or using a clearing house partner would find the changes relatively minor.
Hind emphasised that the ATO would be adopting a facilitate approach saying that it would provide flexibility and support to employers making a genuine attempt to comply with their obligations under SuperStream.
“This means you must have in place firm implementation plans with your service provider or default fund including a proposed completion date,” he said.
Hind said that large or medium employers would need to complete implementation by no later than 30 June, next year, while small employers (those employing 19 or fewer people) would have a further year to implement the changes.
Recommended for you
Australian retirees could increase their projected annual incomes between 3 and 51 per cent by incorporating personal and household data into their retirement income strategies, according to new research.
The best interests duty and new class of adviser didn't make the cut for the pre-election DBFO draft bill; however, ASFA has used its submission to outline what it wants to see from the final package.
The peak body stressed that the proposed financial advice reforms should “pass as soon as possible” and has thrown its weight behind super funds providing a greater level of advice.
Economists from the big four banks have all predicted the RBA to deliver another rate cut during its July meeting; however, some admit the decision will be a close call.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
88.01 3 y p.a(%)
2
Global X 21Shares Bitcoin ETF
72.60 3 y p.a(%)
3
Global X GlobalX FANG+ ETF
44.46 3 y p.a(%)
4
Pengana High Conviction Equities B
39.12 3 y p.a(%)
5
Pengana High Conviction Equities A
39.05 3 y p.a(%)
