With eight months to go before the Australian Taxation Office (ATO) implements their new SBR (standard business reporting) regulation covering super payments, CMS is all set to roll out an enhancement to Freight2020 to help client companies comply with the ATO’s new requirements. The update will be available from early January 2014, which gives ample time before July 1st, 2014 for CMS to ensure all customers are comfortable with the new features delivered in their scheduled software upgrade.
“Just as the Freight2020 Payroll module recently made light work out of complex superannuation calculations for long-haul drivers, the announcement of this latest enhancement from the CMS development team means that Freight2020 users will be well prepared for streamlined compliance with the ATO’s new SBR requirements,” CMS managing director Rob Mullins explained.
Under the new SBR regulation, when companies make a payment for super they will be processed in a two part process:
- EFT File created for download to bank to pay appropriate super funds.
- Payment file downloaded to ATO portal which is then forwarded to each appropriate super fund.
The new data standard is part of the government’s ‘super reform package’ to simplify procedures on transactions and payments under the superannuation system. As a result, super funds will be able to reconcile the incoming payment with the employee payment file more easily. Processing of employees’ money into their super accounts will be faster and there will be fewer lost accounts and unclaimed monies, according to the ATO.
For larger companies, the tax office’s new SBR requirement is mandatory from 1 July 2014, and in the following financial year companies with fewer than 19 employees will also need to comply.
“This is one less headache for our clients and their users, with the knowledge that when these onerous new reporting regulations come into effect, Freight2020 will make the whole thing a relative breeze,” Rob said. “At CMS, we always look after the needs of our clients so they can focus more on what they do best, which is managing and growing their business.”
