SG

The superannuation clearing house service to join other ATO online services

The Small Business Superannuation Clearing House will join existing ATO online services in mid-to-late February 2018. The ATO says its online services gives access to a range of tax and super services with one logon, including lodging activity statements and updating your business registration details. The current super clearing house service will still be available

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Compliance burden fears about SMSF ‘real-time’ reporting allayed by ATO

Along with the new transfer balance cap that was introduced from July 1 this year, the ATO indicated in the recent past that more “events-based” reporting will be required for it to adequately deal with the evolving SMSF regime. It has now announced, after it conducted detailed consultation with the SMSF sector, that its implementation

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Ordinary time earnings: What’s in, what’s out

The superannuation rules stipulate that an employee’s earnings base must be the amount on which minimum superannuation contributions are payable to avoid the superannuation guarantee charge (SGC). This earnings base is determined as “ordinary time earnings” (OTE). In general terms, this seems self-explanatory — that is, OTE is what an employee earns for their day-to-day

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ATO warns small businesses: Time running out to meet super payment compliance

The ATO has warned that time is running out for small businesses to start paying their superannuation contributions via the new and mandatory electronic standard SuperStream. The October 28 deadline is only one week away, meaning small businesses (those with 19 or fewer employees) have just one super guarantee payment date left. Assistant commissioner Nicole

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Small business to get a break on SuperStream deadline

With the June 30 SuperStream adoption deadline upon us, the ATO has announced that any small business that has had trouble doing so will be given consideration. While around 450,000 small businesses have implemented the required changes, according to deputy commissioner James O’Halloran, he says it has become apparent that some small businesses may need

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