The Australian Taxation Office (ATO) has warned employers not to wait until the end of the current financial year to become SuperStream compliant.
The ATO National Program Manager, Data Standards and E-Commerce, Philip Hind said all employers with 20 or more employees would need to become SuperStream compliant by 30 June, next year but that it was advisable that the begin the process now.
"Don't wait until the end of the financial year to get ready," Hind said. "We recommend employers start using SuperStream one to two payment cycles before the deadline to allow them to become comfortable using the new standard before it becomes compulsory on 30 June 2015.
He said that for employers who pay quarterly, this meant there were only two payment dates before 30 June 2015.
Hind said the ATO had been working with the superannuation industry to certify SuperStream solution providers through an induction process and that around 30,000 SuperStream-compliant contributions were being processed each week through the induction.
Financial advice is having a significant impact on how Australians are engaging with the more complex aspects of their superannuation, new findings have shown.
While the Financial Advice Association Australia said it supports a performance testing regime “in principle”, it holds reservations about expanding this scope to retirement products.
In a Senate submission, the Financial Services Council said super funds should be able to nudge members on engaging with their super and has cautioned against default placements.
The Joint Associations Working Group, which counts FSC in its ranks, has issued an urgent warning to the government.
Add new comment