Simplifies the onboarding Simplifies the onboarding and superannuation process and reporting process and reporting systems will not be obligations for employers. obligations for employers. realised in the absence Provides opportunities for out cash flow associated of widespread uptake business to manage cash flow with the payment of tax and of real time reporting. at a time suitable to their superannuation obligations. Potential lack of business model through Increase community commercial support voluntary payments. engagement with super and investment in Increase community accounts by making it easier for product development engagement with super employees to see their current without a guaranteed accounts by making it easier for superannuation funds when market. employees to see their current via myGov. Opportunities for superannuation funds when Employees are more aware of voluntary take up may on-boarding via myGov. their cumulative income position be impacted due to Employees are more aware of to determine correct lack of market solution their cumulative income entitlements to welfare for software. position to determine correct payments through visibility of Does not promote a entitlements to welfare their payroll information online level playing field - payments through visibility of via myGov. early visibility of their payroll information online Employer obligations to provide employers not meeting via myGov. employees with an annual their employee tax and Employer obligations to payment summary and the ATO superannuation provide employees with an with annual payment summary contributions is limited annual payment summary and statement are removed to only those the ATO with annual payment employers who choose summary statement are to report at the payroll Cons removed event. Some businesses may Employee and experience cash flow employer benefits from difficulties. simplified onboarding Cons will not be realised if employer does not Does not provide any participate additional protection of
Simplifies the onboarding process and reporting obligations for employers. Provides opportunities for business to manage cash flow at a time suitable to their business model through voluntary payments. Increase community engagement with super accounts by making it easier for employees to see their current superannuation funds when on-boarding via myGov. Employees are more aware of their cumulative income position to determine correct entitlements to welfare payments through visibility of their payroll information online via myGov. Employer obligations to provide employees with an annual payment summary and the ATO with annual payment summary statement are removed Cons Does not provide any additional protection of Simplifies the onboarding process and reporting obligations for employers. out cash flow associated with the payment of tax and superannuation obligations. Increase community engagement with super accounts by making it easier for employees to see their current superannuation funds when via myGov. Employees are more aware of their cumulative income position to determine correct entitlements to welfare payments through visibility of their payroll information online via myGov. Employer obligations to provide employees with an annual payment summary and the ATO with annual payment summary statement are removed Cons Some businesses may experience cash flow difficulties. and superannuation systems will not be realised in the absence of widespread uptake of real time reporting. Potential lack of commercial support and investment in product development without a guaranteed market. Opportunities for voluntary take up may be impacted due to lack of market solution for software. Does not promote a level playing field - early visibility of employers not meeting their employee tax and superannuation contributions is limited to only those employers who choose to report at the payroll event. Employee and employer benefits from simplified onboarding will not be realised if employer does not participate