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Government extends SuperStream deadline

Government extends SuperStream deadline

4 June 2014

Acting Assistant Treasurer, Senator Mathias Cormann has announced that superannuation funds will have up to 1 July 2015 to meet the new SuperStream data standards. 

SuperStream is a government reform aimed at improving the efficiency of the superannuation system. 

Employers will be obliged to make super contributions such as super guarantee and salary sacrifice on behalf of their employees by submitting data and payments electronically in accordance with the SuperStream standard.

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Navigating the Recruitment Process

Navigating the Recruitment Process

4 June 2014

A small business in Australia is defined as having up to fifteen employees and the majority operate with a self-employed owner. For many small businesses the task of recruiting a new employee can be daunting as you not only have to find someone with the right skills, experience and attitude, but you must also be aware of the legislative requirements around employment.

In this article we outline some of the most important things to consider as you navigate your way through the recruitment process. 

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New Penalty Regime for SMSFs from 1 July 2014

New Penalty Regime for SMSFs from 1 July 2014

4 June 2014

A new penalty regime for self-managed super fund (SMSF) trustees comes into effect from 1 July 2014 which gives the Australian Taxation Office (ATO) more power and flexibility to impose effective sanctions for SMSF related contraventions.

Currently the ATO has limited choices to sanction a SMSF or its trustees but from 1 July 2014 the expanded penalty regime goes some way to rectify this by allowing the ATO to:

  • Issue rectification and education directives to trustees of SMSF; and
  • Impose an administrative penalty regime for trustees for certain contraventions of the SIS Act (Superannuation Industry (Supervision) Act 1993 - the superannuation legislation and the statutory bible for all superannuation funds).

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Superannuation Guarantee to rise to 9.5% from 1 July

Superannuation Guarantee to rise to 9.5% from 1 July

4 June 2014

In the 2014 Budget the Government announced its intention to change the time-frame for increasing the superannuation guarantee rate to 12% due to the uncertainty over the repeal of the Mineral Resources Rent Tax.

Superannuation guarantee (SG) is the official term for compulsory superannuation contributions made by employers on behalf of their employees.

The SG rate will increase to 9.5% effective 1 July 2014, as previously legislated.

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