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SuperStream changes for SMSF

Self managed super fund (SMSF) trustees should be aware of the changes to the way they receive super contributions.

From 1 July 2014, employers begin using the new Data and Payment Standard, also known as SuperStream, to make superannuation contributions to their employees.  This means that SMSF trustees will be required to receive contributions electronically from their employers.

Employers will have a year to make this change so SMSF trustees should check with their employers about their start date.

To assist their employers, SMSF trustees will need to obtain an electronic service address for the delivery of contribution messages.  SMSF will also need to provide their employer with their ABN, bank account details and electronic service address to their employer by 31 May 2014.

The changes will result in a more timely and reliable flow of contributions and make it easier for employers. Funds do not need to upgrade their reporting software to comply with the changes.

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Superannuation for Women

January 18, 2019

It’s no secret that the median super balance for Australian women at the time of retirement is significantly lower than that of their male counterparts. The Australian Commission & Investments Commission (ASIC) have reported that men retire with about twice the amount as women. The discrepancy is reportedly even higher between Mums and Dads. Between lower wages and a higher likelihood of having an interrupted working life for women, women also tend to live longer and thus require more super to cover more years. Unfortunately, between personal finances, business financial capabilities, and governmental policies, actions to close this gap can be limited.

Where viable, private companies can consider: