POWERED BY MOMENTUM MEDIA
SuperStream confusing for SMEs
With the looming deadline of 30 June, one-third of Australian small businesses (SMEs) are not SuperStream compliant, according to a cloud-based business management solutions provider.
MYOB's latest research found one-quarter were unaware of the deadline, 17 per cent of operators had not yet complied, and 13 per cent were unsure.
These figures were the highest amongst construction and trade businesses with 31 per cent of SMEs not compliant, the data said.
More than a quarter of operators who were not compliant said they found the process confusing, and 23 per cent felt they did not have enough information.
MYOB general manager of SME solutions, James Scollay, said: "SuperStream is the law for SMEs from 1 July, and it's concerning to see so many at risk of non-compliance with the deadline just a few weeks away".
"Employers need to be taking action now to ensure they get their implementation right by 30 June," he said.
Recommended for you
The Federal Court has ordered AustralianSuper to pay $27 million for failures to address multiple member accounts.
The country’s fourth-largest fund is targeting the “missing middle” of members with a new digital advice service in partnership with Ignition Advice.
The prudential regulator confirmed it is considering BUSSQ’s Federal Court appeal.
The Albanese government has put forward a bold proposal to tackle the challenges of Australia’s swelling retirement pool, in an effort to allow superannuation funds to play a more active role in shaping members’ retirement outcomes.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Spire Oaktree Opportunities XI Second Close
32.68 3 y p.a(%)
2
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.78 3 y p.a(%)
3
Spire Oaktree Opportunities XI First Close USD
31.36 3 y p.a(%)
4
Global X GlobalX FANG+ ETF
30.80 3 y p.a(%)
5
Fidante Credit Suisse Global Private Equity
28.31 3 y p.a(%)
