SMSF – ATO finalises its position in relation to event-based reporting
After detailed consultation with the self-managed super fund (SMSF) sector, the ATO announced today that its i
More than 800,000 Australian employers are required to make super guarantee contributions on behalf of employees.
For many, this can be a complex process, with multiple superannuation funds to which they contribute – each with their own specifications for accepting the contributions data and payments.
From 1 July 2014 – Employers with 20 or more employees started making contributions using SuperStream – they have up to 12 months to make the change.
From 1 July 2015 – Small employers (with 19 or fewer employees) will start making contributions using SuperStream – they will have up to 12 months to make the change.
SuperStream improves the productivity of the superannuation system by introducing common data items, electronic communications, simpler channels and faster business processes for sending employer contributions.