June 2016 Edition

In this edition:

Welcome

SuperStream deadline looming - 1 July 2016

Preparing for the end of the financial year - 30 June

Key borrowing deadline extended for super

Life insurance myths

As of 1 July 2016 all employers and businesses will need to be registered for SuperStream as part of the government initiative to streamline the communication between employers and superannuation funds.

Previously, only employers with greater than 20 employees were required to set-up SuperStream, however from 1 July 2016 it will be a requirement for all employers.

Options for SuperStream:
There are a few different methods in which each business can implement SuperStream, such as through compatible accounting software's (MYOB, QuickBooks Online etc.), your super funds online system, a super clearing house or a messaging portal. If you are unsure of which option is most suited for you, contact your Goodwin Chivas representative to assist in choosing the most suitable option.

Collection of information:
In order to use SuperStream, some additional information must be collected from your employees.

If your employees are using a retail superannuation fund, you will require the employee tax file number, fund ABN and fund unique superannuation identfifier (USI).

If your employees are members of a SMSF, you will be required to collect the employee's tax file number, fund ABN, fund bank account details and fund electronic service address. Information on where to find this information can be found on the ATO website, or you can speak to your Goodwin Chivas representative to assist you.

It is recommended that you begin collecting the required information about your employees and begin using the SuperStream service as soon as possible, to ensure that your system is running smoothly by 1 July 2016.

Please contact your Goodwin Chivas team member if you require any assistance or have any questions regarding SuperStream,