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Single Touch Payroll laws pass Parliament
Parliament yesterday passed legislation extending Single Touch Payroll (STP) to all employers from 1 July, this year, which Assistant Treasurer Stuart Robert says will protect the rights of Australians to their superannuation.
The rollout of STP would give the Australian Taxation Office (ATO) up-to-date information on the amount of superannuation owed to employees, in what Robert labelled “an important improvement to transparency”.
“Employers should know the ATO will be able to closely monitor superannuation compliance, and employers will face severe consequences for ripping off their workers,” he said.
Industry Super Australia (ISA) just last week called for the STP legislation to be passed, believing that it could lead to a similarly automated system for regular superannuation payments.
The Institute of Public Accountants (IPA) also welcomed the legislation passing, seeing the potential for public accountants to help small businesses transition to digital payment systems.
“While it is appreciated that not all small or micro businesses are digitally ready for STP, their accountant is in the driver’s seat to assist them to meet these new reporting obligations,” IPA chief executive, Andrew Conway, said.
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AustralianSuper has reported a 9.52 per cent return for its Balanced super option for the 2024–25 financial year, as markets delivered another year of strong performance despite the complex investing environment.
The profit-to-member super fund’s MySuper default option has returned 9.85 per cent for the financial year 2024–25.
Colonial First State (CFS) has announced solid double-digit returns for its MySuper balanced and growth equivalent funds during the financial year.
The super fund’s Future Saver High Growth option delivered an 11.9 per cent return for the financial year 2024–25, on the back of a diversified portfolio and actively managed investment strategy.
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