POWERED BY MOMENTUM MEDIA
ATO moves on SuperStream
The Australian Taxation Office (ATO) has declared it will be reaching out to small businesses it believes will struggle with the implementation of SuperStream.
The ATO announced that it had identified 22 industries where it believed small businesses might struggle and would look to deliver practical help to the owners of those businesses.
The ATO's national program manager, Data Standards & E-Commerce, Philip Hind said the ATO had data which indicated particular types of small businesses may need more practical support to start using the new, streamlined super payment process.
"These businesses typically rely on manual processes and lack close business support partners," he said.
"They are particularly prominent in industries such as trades, hospitality, agriculture, and construction."
Hind said over 350,000 businesses nationwide had already made the switch to SuperStream, including around 250,000 small employers.
"The priority for us now is to provide practical help and support to those who make superannuation payments on behalf of their employees, particularly those that aren't frequently online or connected," he said.
Recommended for you
A “concerning” number of Aussies don’t know what they pay in super fees, a young super fund has said.
The corporate regulator has shared some ‘disappointing’ findings upon reviewing the public communications of more than 20 trustees with regards to death benefits.
According to the industry body, funds should have an obligation to transfer members in failing products to better-performing products in a timely way.
The $9 billion fund is backing agriculture investor GO.FARM, with its capital already directed towards enhancing two key assets.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Spire Oaktree Opportunities XI First Close USD
66.99 3 y p.a(%)
2
Hills International
62.62 3 y p.a(%)
3
DomaCom 4/27 Crombie Avenue Bundall QLD 4217 Australia
32.95 3 y p.a(%)
4
Acadian Global Equity Long Short Class A
32.82 3 y p.a(%)
5
CFS FC Acadian Global Equity Long Short
32.44 3 y p.a(%)
Add new comment