Cash Flow Tips – Future Super Payments
The effect of one of the Government’s requirements for superannuation into the future is that all employers may eventually have to use an “approved” superannuation clearing house to make the payments for employee superannuation.
You may be aware of one of the clearing houses in use currently – the Medicare Superannuation Clearing house (for less than 20 employees) and MYOB M-Powered Super and there are other commercial offerings now.
From 1 July 2014 it is proposed that employers with more than 20 employees MUST use the clearing houses.
From 1 July 2015 all employers.
There is a long way from this working so keep an eye out for developments.
From the ATO – http://www.ato.gov.au/superfunds/pathway.aspx?sid=42&pc=001/149/032&alias=datastandards
