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Employers reminded on SuperStream deadline
The Australian Taxation Office (ATO) has warned employers not to wait until the end of the current financial year to become SuperStream compliant.
The ATO National Program Manager, Data Standards and E-Commerce, Philip Hind said all employers with 20 or more employees would need to become SuperStream compliant by 30 June, next year but that it was advisable that the begin the process now.
"Don't wait until the end of the financial year to get ready," Hind said. "We recommend employers start using SuperStream one to two payment cycles before the deadline to allow them to become comfortable using the new standard before it becomes compulsory on 30 June 2015.
He said that for employers who pay quarterly, this meant there were only two payment dates before 30 June 2015.
Hind said the ATO had been working with the superannuation industry to certify SuperStream solution providers through an induction process and that around 30,000 SuperStream-compliant contributions were being processed each week through the induction.
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The future of superannuation policy remains uncertain, with further reforms potentially on the horizon as the Albanese government seeks to curb the use of superannuation as a bequest vehicle.
Superannuation funds will have two options for charging fees for the advice provided by the new class of adviser.
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