POWERED BY MOMENTUM MEDIA
ATO moves on SuperStream
The Australian Taxation Office (ATO) has declared it will be reaching out to small businesses it believes will struggle with the implementation of SuperStream.
The ATO announced that it had identified 22 industries where it believed small businesses might struggle and would look to deliver practical help to the owners of those businesses.
The ATO's national program manager, Data Standards & E-Commerce, Philip Hind said the ATO had data which indicated particular types of small businesses may need more practical support to start using the new, streamlined super payment process.
"These businesses typically rely on manual processes and lack close business support partners," he said.
"They are particularly prominent in industries such as trades, hospitality, agriculture, and construction."
Hind said over 350,000 businesses nationwide had already made the switch to SuperStream, including around 250,000 small employers.
"The priority for us now is to provide practical help and support to those who make superannuation payments on behalf of their employees, particularly those that aren't frequently online or connected," he said.
Recommended for you
Governor Michele Bullock took a more hawkish stance on Tuesday, raising concerns over Donald Trump’s escalating tariffs, which sent economists in different directions with their predictions.
Equity Trustees has announced the appointment of Jocelyn Furlan to the Superannuation Limited (ETSL) and HTFS Nominees Pty Ltd (HTFS) boards, which have oversight of one of the companies’ fastest growing trustee services.
Following growing criticism of the superannuation industry’s influence on capital markets and its increasing exposure to private assets, as well as regulators’ concerns about potential risks to financial stability, ASFA has released new research pushing back on these narratives.
A US-based infrastructure specialist has welcomed the $93 billion fund as a cornerstone investor.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Global X GlobalX FANG+ ETF
33.51 3 y p.a(%)
2
Spire Oaktree Opportunities XI Second Close
32.68 3 y p.a(%)
3
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.62 3 y p.a(%)
4
Spire Oaktree Opportunities XI First Close USD
31.36 3 y p.a(%)
5
Fidante Credit Suisse Global Private Equity
29.60 3 y p.a(%)
