The Australian Taxation Office (ATO) is encouraging businesses to start preparing now for the data and e-commerce standard that will be compulsory on 1 July 2014 and 1 July 2015.
Australian businesses are in the process of receiving advice on new superannuation obligations from the ATO to ensure they are adequately prepared.
Alison Lendon, the ATO’s Deputy Commissioner for Superannuation, said ver 850,000 Australian business owners are set to receive a summary of their superannuation obligations from the ATO to help them prepare. “We encourage businesses to start preparing now for the changes, by ensuring payroll and accounting systems are able to cater for the gradual increase in the super guarantee and removal of the upper age limit,” Lendon said.
“For businesses who employ 20 or more people, the time to start preparing is now as you will need to be using the new data standard from 1 July 2014,” Lendon said. “If you think your business will need to update its software or systems, you should start planning now to ensure you’re ready on time,” she added.
Some businesses may have already received the one page summary, part of a nationwide mail out, outlining employers’ super requirements up until 2019, including the following taking effect on 1 July this year:
Increase the minimum rate for super guarantee payments on behalf of their employees from 9 per cent to 9.25%; and
Start making super guarantee contributions for employees aged 70 years and over with the removal of the existing upper age limit.
Also outlined in the advice to employers are requirements relating to a data and e-commerce standard. The standard will be compulsory for medium to large businesses (with 20 or more employees) from 1 July 2014 and small businesses (with fewer than 19 employees) from 1 July 2015.
The document also includes some information on the introduction of MySuper. From 1 January 2014, employers must make super guarantee payments for employees who have not selected a preferred fund, to a fund that offers a MySuper product.