Recent changes to super law will impact on employer’s obligations. In late May we will be writing to employers to explain these changes. If you are listed as the employer’s contact you will receive this letter. From 1 July 2007:
* when an employee provides a tax file number (TFN) declaration, employers must give the employee’s TFN to their super fund.
* your clients may be able to claim a full income tax deduction for all super contributions they make on behalf of employees and
* ‘eligible termination payments’ will become ’employment termination payments’ and generally can no longer be rolled over into super funds.
For more information, see http://www.ato.gov.au/super/
from Heather Smith ~ MYOB Certified Consultant