MEMBER 72 writes:
“Thank you Member 69 - see 2014 TaxVine No 20 (13 June 2014) - for commenting on the ‘elephant in the room’ (new standard to streamline super, as relevant to very small business). I agree that every micro business or sole practitioner will now be forced to deal with this new compliance obligation. What about the many of us (yes we small tax agents are affected too) who have our systems working perfectly now for our 1 or 2 employees? Why do we need to ‘fix’ what ain’t broken?
Both the Government and ATO talk about reducing red tape, yet this new standard will add an extra process which is not warranted! Surely there could be an exception from this new process if a small business can show that it has been fully compliant with super obligations in the past?”