The total value of savings in superannuation accounts reached a staggering $2.2 trillion at the end of last year, increasing by more than 70% over the last 5 years.
Given the growing importance and value of superannuation to employees and pending rule and administrative changes, the Illawarra Business Chamber and the Australian Taxation are hosting a workshop tomorrow (4 April 2017) to assist small business in the Illawarra.
Illawarra Business Chamber Executive Director, Chris Lamont, said there have been many changes to the rules and regulations governing superannuation in recent years and it was important that business, particularly small business, kept up to date.
The session convened by the Illawarra Business Chamber and the Australian Taxation Office will provide valuable information on new regulatory obligations, as well as information to help business reduce compliance costs.
The workshop will provide information on a number of free services for small business, including the ATO’s Small Business Super Clearing House (SBSCH) as well as information on Superannuation Guarantee obligations and changes that commence 1 July 2017.
The burden of red tape remains a serious concern for business and the Chamber is pleased to support measures such as the Small Business Super Clearing House, available for free to businesses with less than 19 employees or a turnover below $2 million. The ATO maintains this service can save time and money in compliance costs and helps ensure employee superannuation entitlements are met.
“Importantly, the workshop will cover changes to superannuation that come into effect on 1 July 2017. A number of the rules and regulations around superannuation have changed and we want to make sure business are prepared for the next round of changes as well as the free business tools and services available to assist,” said Chris Lamont.
For more information on the superannuation workshop contact the Illawarra Business Chamber on (02) 4229 4722.