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SuperStream checklist

Posted on Jan 27, 2017 by admin

All businesses should now be SuperStream compliant. SuperStream is a standard for processing superannuation data and payments electronically. Employers must pay employee super contributions electronically (EFT or BPAY) and send the associated data electronically under SuperStream. SuperStream ensures the data is in a standard format so it can be transmitted consistently across the super system – between employers, funds, service providers and the Tax Office. For those businesses who have not made the switch, here is a guide to be SuperStream ready: Choose an option SuperStream requires you to pay super and send employee information electronically. If you already do […]

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SuperStream checklist

Posted on Jan 27, 2017 by admin

All businesses should now be SuperStream compliant. SuperStream is a standard for processing superannuation data and payments electronically. Employers must pay employee super contributions electronically (EFT or BPAY) and send the associated data electronically under SuperStream. SuperStream ensures the data is in a standard format so it can be transmitted consistently across the super system – between employers, funds, service providers and the Tax Office. For those businesses who have not made the switch, here is a guide to be SuperStream ready: Choose an option SuperStream requires you to pay super and send employee information electronically. If you already do […]

Keep Reading...

SuperStream checklist

Posted on Jan 27, 2017 by admin

All businesses should now be SuperStream compliant. SuperStream is a standard for processing superannuation data and payments electronically. Employers must pay employee super contributions electronically (EFT or BPAY) and send the associated data electronically under SuperStream. SuperStream ensures the data is in a standard format so it can be transmitted consistently across the super system – between employers, funds, service providers and the Tax Office. For those businesses who have not made the switch, here is a guide to be SuperStream ready: Choose an option SuperStream requires you to pay super and send employee information electronically. If you already do […]

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SMSF deadline approaches for limited recourse borrowing arrangements

Posted on Jan 12, 2017 by admin

SMSF trustees have until 31 January 2017 to review their limited recourse borrowing arrangements (LRBAs) to ensure they are consistent with an arm’s length dealing, or alternatively brought to an end if they are not. The Tax Office recently provided further guidance to SMSF trustees on when the non-arm’s length income (NALI) provisions apply to an SMSF’s LRBA in their Practical Compliance Guideline (PCG 2016/5) and Taxation Determination (TD 2016/16). When determining whether the NALI provisions apply, SMSF trustees must recognise it is a two-step process. First, it needs to be determined whether: 1. The terms of the LRBA are […]

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