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
Superannuation funds have posted another year of strong returns, but this time, the gains weren’t powered solely by Silicon Valley.
Australia’s $4.1 trillion superannuation system is doing more than funding retirements – it’s quietly fuelling the nation’s productivity, lifting GDP, and adding thousands to workers’ pay packets, according to new analysis from the Association of Superannuation Funds of Australia (ASFA).
Large superannuation accounts may need to find funds outside their accounts or take the extreme step of selling non-liquid assets under the proposed $3 million super tax legislation, according to new analysis from ANU.
Economists have been left scrambling to recalibrate after the Reserve Bank wrong-footed markets on Tuesday, holding the cash rate steady despite widespread expectations of a cut.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom 465 Calder Road Calder
99.46 3 y p.a(%)
2
DomaCom DFS Mortgage
95.46 3 y p.a(%)
3
Global X 21Shares Bitcoin ETF
78.55 3 y p.a(%)
4
BetaShares Crypto Innovators ETF
50.39 3 y p.a(%)
5
Global X GlobalX FANG+ ETF
47.50 3 y p.a(%)
