your partner in business health and personal wealth

We welcome you to our June e-Bulletin

In this issue ...

   
 

 


 


 




 
 

SuperStream start date pushed to 2015

What does this mean for your business?

The Government has announced that the date by which superannuation funds and employers must comply with the new SuperStream contributions data standards has been pushed back, giving employers and superannuation funds until 1 July 2015 to meet the new standards.

Under SuperStream, employers must submit employee super contributions data and payments electronically in accordance with the SuperStream standard. All superannuation funds, including SMSFs, must receive contributions electronically in accordance with this standard

The data message and payment will be linked by a payment reference number which enables reconciliation by the receiving superannuation fund.


Originally, employers with 20 or more employees were required to be SuperStream compliant by 3 November 2014, with smaller employers having until 1 July 2015.

The start date for all employers is now 1 July 2015.

          
                Brent Butcher

MORE INFORMATION?

Phone Brent at our SuperCentre for information and advice on all things Super.

Phone 03 5144 4566
 


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Minimum wages to rise from 1 July 2014

A word from David Bates, our specialist employee relations partner.

The national employment relations tribunal, the Fair Work Commission (FWC), recently delivered its annual minimum wage decision. It's very important that all employers understand how this decision impacts upon their businesses.

 The Commission has ordered the National Minimum Wage and Modern Award rates to be increased by 3% from the first full pay period on or after 1 July this year. How this decision applies to you will depend on a range of factors, which we've considered for you below.

1. If your employees are covered by a Modern Award

The minimum rates in each Modern Award will increase by 3%. The FWC will gradually publish updated Modern Awards on their website in the weeks leading up to 1 July. These updated versions will incorporate the increase in the corresponding wage tables, and any old versions of the Award you have in your business (or saved on your computer!) should then be discarded.

This is also a good time to review the classification levels you have assigned to each of your employees. Remember that under some Awards, employees need to move through the classification levels after completing a set number of hours or obtaining certain skills or qualifications.

For David's full article, including the effects on award-free employees and employees already receiving above award rates, click here.

 

To find out more about Workforce Guardian, jump onto their website - Workforce Guardian offers subscriptions to access expert advice and resources:

http://www.workforceguardian.com.au/
services?partner=PHILLIPSONS
 

The FAQs in this article reflect the types of questions the WFG team of HR experts answer every day for its HR Essential and HR Professional subscribers. For more information about these services, call WFG on 1300 659 563.

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Snapshot of the Australian economy

Our market analyst Fred Strauss provides a cross-section of how our economy is looking

Gross domestic product

The Australian Economy grew at below-trend pace during the period since the GFC to 2013 (with trend growth being 3.25%). Growth has picked up in the first quarter of 2014 due to strong increases in commodity exports as new capacity in iron ore and coal has come on stream. Moderate growth has been occurring in Consumer Spending.

House prices

The Price Index for residential properties for the weighted average of the eight capital cities rose 10.9% through the year to March 2014. The Index rose 14.3% over the 2-year period ended March. Indications are that properties decreased slightly in April and May.

Housing approvals and housing construction

Monthly Dwelling Approvals rose sharply during 2013 but has fallen in February, March and April by about 20%. Housing Construction remained flat in 2013 but has increased sharply in the March quarter on the back of the rise in approvals in 2013.

To read more of Fred's snapshot, including his summary and outlook,
click here.
   


           

Fred Strauss is an independent and highly regarded investment expert, and is part of our investment committee.

Fred keeps a close eye on international markets, and USA in particular.

If you would like to get more of Fred's insights or to discuss your individual investment strategy, contact our financial advisors on 03 5144 5207.


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SMSF Trustee workshops are under way

The great response to our May round of Phillipsons' SuperCentre workshop series has seen us having to run a repeat of the sessions.
The series covers important topics for trustees administering their own fund, so that they are aware of their responsibilities and rules impacting their self-managed super. The two remaining workshops in our June series cover the following topics:

  1. Borrowings – done right … done wrong (18 June)
  2. Accessing your money (25 June)

For details of the June workshops, click here.

  

           
MORE INFORMATION?

Phone 5144 4566

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Food for thought

They say you are what you eat, but what you buy and don't eat may say more about your future health and prosperity if you allow waste to chew away at potential grocery savings.

Australians throw away a staggering $5.2 billion of uneaten and spoiled food every year. While it may be tempting to think that the amount your household turfs out is too insignificant to matter, all those plate scraps and wilted vegetables in the bottom of the fridge add up.

It is estimated that about 20 per cent of bought food is wasted, or $616 per household a year, given that the average household equals 2.3 people.

This means that a family with two adults and two children is throwing almost $1000 a year into their wheelie bin. That money might help pay a family's annual energy bill or even a weekend getaway.

To read more, including: how food can be recycled sensibly; cutting your grocery bills; and the current phenomenon of gourmet delicacies generating expensive dining habits,
click here.

  

 
 
 
 
 
 
 
 
 

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And finally, a word from the editor ...

A new financial year is around the corner – that means we are rounding the mid-point of the decadeand don't the noughties just seem like yesterday. The teenage years of this century have so far proven pretty hard on most sectorsgood planning and out of the box thinking is going to be a key to making the twenties a golden age. So how is your 5-year plan looking?

I'll leave you with that biting reality checkuntil next time.

Cheers,

Kurt Best
General Manager

Phillipsons.com.au






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