The Australian Taxation Office has recently released a publication in relation to the way superannuation is paid to employees superannuation funds.
Employers are now required to send contribution date and payments electronically to the Superannuation Fund. As a result, the ATO have separated employers into two groups in order to apply time limits in which these new measures must be implemented.
For employers with 20 employees or more:
From 1 July 2014 – start implementing systems to send data electronically, to be in place by 1 July 2015
- Employees should update their details by 31 May 2014
For employers with less than 20 employees:
- From 1 July 2015 – start implementing systems to send data electronically, to be in place by 1 July 2016
Employees should update details by 31 May 2015
Please note that this new measure is not required where a superannuation contribution is from an employer that is a related party of a Self Managed Superannuation Fund and the existing methods still apply.
if you have any questions surrounding Superannuation and your obligations as an employer please contact your Client Manager.
This article was written by Holly Evans, an Accountant at our Burleigh Office. Holly has completed a Bachelor of Commerce from the University of Queensland and has been with McKern & Associates for 2 years. Holly enjoys going to the beach, playing hockey and reading in her spare time.