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SuperStream checklist

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:

  1. Choose an option

SuperStream requires you to pay super and send employee information electronically. If you already do this, you may only need to refine your system to send the contribution data in the standard format. You can use:

If you are unsure of which option to choose, contact one of our accountants to help you select the most suitable option for your business.

  1. Collect information and update your records

You may need to collect additional information from your employees, including:

For employees with a self-managed super fund, you will need:

  1. Use SuperStream

Once you have all the employee information, you can start using SuperStream as soon as possible. It is still the employer’s responsibility to meet the super guarantee obligations by the due dates. Those using a clearing house must check how long it will take to send the money and information the super fund. Generally, an employee’s super contribution is counted as being paid on the date the fund receives it, not the date a clearing house receives it from you.

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News

Investing in shares vs property in SMSFs

March 19, 2020

Shares and property are two popular investment options for those with a self-managed super fund (SMSF). However, they both have very different attributes and choosing the one that will achieve the best outcome for an SMSF depends on your personal goals and situation.

While the price of shares can vary drastically, property is a relatively stable asset, making it appealing to those who want more security and predictability. Property prices are also negotiable unlike shares, and you can generally borrow money at a lower rate for property purchases.

It may seem hard to find the perfect investment property, but older and undercapitalised properties can be renovated for profit. However, returns from property rentals can be dented due to factors such as land tax, utilities and rates, maintenance and tenancy vacancies.

Shares are more dynamic and volatile than property. One advantage is the accessibility of investing in shares, as you can enter the share market with a few thousand dollars – much less than what you need to invest in a property.

Maintaining a portfolio of quality shares that pay tax-effective dividends may be a good way to fund retirement. With the right portfolio allocation, shares also have the potential to provide a better, stronger income than property rentals, as long as that income is sustainable and increasing.

Property can generally be used as a wealth-creation tool, while shares can create a reliable retirement income. For those who can afford to put more money into investments, it may be a good idea to consider investing and diversifying in both. If you’re unsure about which investment option is right for you, seeking financial advice may be the best option.