Changes to tax rules for 2014/2015 aren’t as extensive as in previous years, in part because many proposed changes won’t be possible until the shift in control of the Senate which won’t happen until the new financial year begins. One switch business owners do need to be aware of now? New SuperStream systems for tracking superannuation contributions.
Seniors picture from Shutterstock
SuperStream, which is designed to standardise the reporting of superannuation data and makes it compulsory to use electronic systems, was originally supposed to be compulsory in the 2014/2015 financial year, but its final implementation has been deferred by a year for larger businesses and for two years for smaller businesses. However, some superannuation management software providers will have it on offer from the beginning of the new financial year on 1 July 2014.
That standardisation is actually good for businesses, since it means the same data format can be used no matter how many different superannuation funds are represented amongst your employees. Inevitably, however, the transitional process is likely to be a little fiddly.
Businesses with less than 19 employees have until 30 June 2016 to make the switch, but are being encouraged to switch earlier if possible. Those small companies can also use the Small Business Clearing House service to help manage superannuation requirements — the ATO site has more details.
Reminder: For specific tax advice relating to your individual situation, consult a registered professional.