The Australian Taxation Office's (ATO) extended deadline for employers to adopt SuperStream is approaching and those that miss it could face penalties, the ATO warns.
A small percentage of medium and large employers are still not compliant to the super contribution system, the ATO national program manager, data standards and e-commerce (SuperStream), Philip Hind said.
"Over 90 per cent of medium and large businesses are now using SuperStream to make their super contributions," Hind said.
"From 1 November we will be focussing on employers who have been identified as non-compliant with SuperStream.
To avoid penalties employers must be compliant by 31 October.
"Our focus is to help employers adopt SuperStream, but if employers choose not to comply there may be penalties applied."
Hind said employers who have already implemented the system are experiencing an enormous reduction in the amount of time it takes to process super.
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The fund has expanded its corporate superannuation solutions to partner with Australian businesses of all sizes.
The chief executive of Aware Super anticipates a significant shift in how ESG factors will influence portfolio values in the next six years, surpassing the changes witnessed in the past two decades.
In a recent statement, shadow assistant minister for home ownership and Liberal senator for NSW, Andrew Bragg, accused ‘big super’ of fabricating data attributed to the Reserve Bank of Australia to push their agenda.
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