POWERED BY MOMENTUM MEDIA
No compliance action for employers missing SuperStream deadline
The Australian Taxation Office (ATO) will not be taking any compliance action against medium and large employers who miss the 30 June SuperStream deadline.
ATO national program manager for data standards and e-commerce (SuperStream), Philip Hind, said employers who were not ready for the deadline would have until 31 October 2015, and that the ATO would work closely with employers over the next few months to continue providing education and support.
"We want to ensure businesses do not rush into this at the last minute, but take the time to get ready and ensure they get their implementation right," Hind said.
"Where necessary, we will work with employers having difficulties to help them transition-in to the new requirements."
Hind said once implemented SuperStream would provide employers with a consistent process for making super contributions.
"In many cases, this will enable them to submit a single contribution for their employees rather than have multiple interactions in different formats previously required by each fund," he said.
Recommended for you
A member body representing some prominent wealth managers is concerned super funds’ dominance is sidelining small companies in capital markets.
Earlier this month, several Australian superannuation funds fell victim to credential stuffing attacks, which saw a small number of members lose more than $500,000.
Small- to medium-sized funds have become collateral damage in an "imperfect" model for super industry levies, a financial institution has said.
Big business has joined the chorus of opposition against the proposed Division 296 tax.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
93.34 3 y p.a(%)
2
Global X GlobalX FANG+ ETF
37.15 3 y p.a(%)
3
GAM LSA Private Shares AU I
33.96 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
29.68 3 y p.a(%)
5
Plato Global Alpha A
28.73 3 y p.a(%)
