The Australian Institute of Superannuation Trustees (AIST) is pleased with the Federal Government's move to increase the use of e-commerce in tax and superannuation.
The move will include the launch of Single Touch Payroll in July 2016, along with combining the tax file number declaration form and Super Choice form into one and offering an online lodgement service.
Executive manager, policy and research David Haynes said the AIST has long been pushing for the Australian Taxation Office to combine the new employee registration process.
"Simplifying this process may lead to more people making active decisions to choose their own fund which could decrease the number of unnecessarily duplicated accounts," he said.
The ATO and Treasury will be consulting with the community on the changes, including exploring whether employers should send the superannuation guarantee at the same time as salaries to employees.
Haynes said while the AIST backs upping the SG payment frequency to align with take-home pay, super funds should still have a direct relationship with the employers sending contributions to them.
"If SG payments were to go through an additional body such as the ATO the process could get unnecessarily complicated," Haynes said.
There is a need for Australia’s superannuation funds to simplify their investment menus, according to the firm, given over a third of funds have more than 30 options, of which one or more are “arguably subscale”.
The research house is set to offer research ratings of superannuation funds for the first time amid growing demand from financial advisers.
Treasury is calling for submissions on its draft regulations in relation to the calculation of the proposed Division 296 tax.
Initially intended to offer a “simple, cost-effective” option for Aussies invested in default fund options, a super consultant has weighed in on what the scheme has actually done for members.
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