The ATO has sought to simplify information available to small businesses, developing an online “newsroom” to inform business owners about their tax and super obligations.
An array of factors including sustained pay inequality, a high prevalence of participation in part time work and career breaks for family mean there is a significant super gap between men and women’s retirement savings.
Small business has found itself smack bang on the national agenda this year, with the federal small business portfolio upgraded to cabinet status at the last election.
It’s the unsexy topic we love to avoid. Superannuation gets filed in that box of life admin tasks right alongside insurance and phone plans.
From 1 July 2014, businesses with 20 or more employees will be able to use the new Superannuation Data & Payment Standard when making super contributions.
The federal government’s Super Clearing House has marked a $1 billion milestone making payments on behalf of small business.
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