The majority of small business operators are not planning for retirement
Recent research by the Association of Superannuation Funds of Australia (ASFA) revealed almost one quarter of self-employed people do not have superannuation.
Recent research by the Association of Superannuation Funds of Australia (ASFA) revealed almost one quarter of self-employed people do not have superannuation.
With self-management and more control of how your money is invested, the onus of making sure your super is legally compliant also falls on you and the other members.
While many have made the change, some small businesses may need extra time and help to become SuperStream compliant.
Accounting firm CPA Australia warns that the Government has dramatically underestimated the number of Australians who will be impacted by changes to superannuation.
This figure was the highest amongst construction and trade businesses with an overwhelming 31 percent of SMEs in this industry not having complied with the ATO’s SuperStream requirements.
The SuperStream compliance deadline is fast approaching for employers with 19 or fewer employees. Reckon Limited estimates more than 300,000 SMEs are still at risk of not complying with the new standard for processing superannuation data and payments electronically.
The Budget outlines the most significant structural changes to the Australian superannuation system since compulsory superannuation was first introduced.
A new study released today by local services marketplace Service Seeking shows that a majority of small businesses are reluctant to adopt technology to make their business run more efficiently and owners are falling behind the pack when it comes to paying themselves superannuation.