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AIST welcomes increased e-commerce in super
The Australian Institute of Superannuation Trustees (AIST) is pleased with the Federal Government's move to increase the use of e-commerce in tax and superannuation.
The move will include the launch of Single Touch Payroll in July 2016, along with combining the tax file number declaration form and Super Choice form into one and offering an online lodgement service.
Executive manager, policy and research David Haynes said the AIST has long been pushing for the Australian Taxation Office to combine the new employee registration process.
"Simplifying this process may lead to more people making active decisions to choose their own fund which could decrease the number of unnecessarily duplicated accounts," he said.
The ATO and Treasury will be consulting with the community on the changes, including exploring whether employers should send the superannuation guarantee at the same time as salaries to employees.
Haynes said while the AIST backs upping the SG payment frequency to align with take-home pay, super funds should still have a direct relationship with the employers sending contributions to them.
"If SG payments were to go through an additional body such as the ATO the process could get unnecessarily complicated," Haynes said.
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