POWERED BY MOMENTUM MEDIA
ATO to take over compulsory super payments
Small businesses will be able to make compulsory superannuation payments directly to the Australian Taxation Office (ATO) after the Government announced the ATO would be taking over the running of the Small Business Superannuation Clearing House (SBSCH) from Medibank in a bid to reduce the compliance burden employers face when making superannuation contributions for their workers.
"The ATO is best placed to increase the take-up rate of the clearing house as they have access to data on who is eligible for this free service," the Treasury said.
The Coalition made amendments to compulsory super payments in July last year, which was welcomed by the Council of Small Business of Australia.
The SBSCH is a free online service for businesses with 19 or fewer employees which lets employers pay superannuation contributions in one transaction to a single location to reduce compliance costs.
The move is part of the Government's bid to cut $1 billion in red tape.
A stakeholder consultation process will follow to understand compliance cost concerns and develop further options to reduce costs.
The ATO is also launching an app for mobile devices where small businesses can see if their worker is an employee or contractor for tax and super purposes; use the payment plan estimator to simulate a payment plan for an ATO debt; and get news and updates and answers to frequently asked questions.
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(%)
