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
Australia’s second-largest super fund has confirmed it is expanding its presence in the UK following significant investment in the region.
A member of the super fund has approached ASIC to investigate potentially misleading or deceptive representations by UniSuper regarding the holdings of its sustainable portfolios.
The median growth fund delivered 1.9 per cent in March, adding to the “stunning” rally that has seen super funds gain 11 per cent since November.
Vanguard has affirmed its support for the current super performance test, emphasising the importance of keeping the process straightforward.
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
63.66 3 y p.a(%)
3
Acadian Global Equity Long Short Class A
36.33 3 y p.a(%)
4
CFS FC Acadian Global Equity Long Short
35.96 3 y p.a(%)
5
DomaCom 4/27 Crombie Avenue Bundall QLD 4217 Australia
32.23 3 y p.a(%)
Add new comment