Can salary sacrifice work for your staff? Salary sacrifice can be a great way for your employees to get a part of their remuneration in a form other than cash, where they agree to take part of their wage as a benefit of some kind, equal in value to the salary it is exchanged for.…
The ATO has identified employers in the following industries as having a higher risk of not meeting their super obligations: child care services; building and industrial cleaning; pubs, bars and taverns. The ATO is currently running an education campaign for business owners in these industries to help them better understand their super obligations. It will…
From 1st July 2014, employers with more than 20 employees are required to provide timely information about superannuation contributions they have made. SuperStream or Data and Payment Standards, is a new process requiring employers to pay their employees superannuation contributions using the government’s new data standards. In layman’s terms, it means all superannuation contributions need…
25 June 2014 The ATO is encouraging employers to prepare for the introduction of SuperStream which will change the way they make superannuation contributions in the future. In cooperation with their service provider or default fund, employers can opt-in to use SuperStream from as early as 1 July 2014. The ATO expects most large and…
Despite the importance of super, some employers do not always get super obligations for their employees right. Employers in the hairdressing and beauty, clothing retailing and management advice and consulting industries have been identified as having a higher risk of not meeting their super obligations. From July 2014 the ATO will be undertaking audits of…