SuperStream extended deadline approaching
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.
Recommended for you
Australia’s largest super fund, AustralianSuper, has announced multiple additions to its executive leadership team to focus on global growth and innovation.
Super Review rounds up last month’s biggest people moves in the superannuation industry, including a new fund chair and a private markets head.
Investment returns for the Future Fund hit a milestone in September, adding $200 billion in value for the first time ever.
Australia’s largest super funds have deepened private markets exposure, scaled internal investment capability, and balanced liquidity as competition and consolidation intensify.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
225.31 3 y p.a(%)
2
Loftus Peak Global Disruption Fund Hedged
120.73 3 y p.a(%)
3
Global X 21Shares Bitcoin ETF
72.47 3 y p.a(%)
4
Paradice Australian Mid Cap A
69.09 3 y p.a(%)
5
Global X Ultra Long Nasdaq 100 Complex ETF
61.94 3 y p.a(%)
