The ATO’s flexibility on SuperStream compliance deadline is 28th October
The switch over is compulsory and the ATO’s 4 month flexibility on compliance will cease after 28th October 2016. Businesses failing to use SuperStream after this date will not be compliant and could face action from the ATO.
If you are a small business owner with 19 or fewer employees, you need to be set up to start paying your employee Super contributions through SuperStream by 28th October 2016
Under SuperStream, you need to pay super contributions for your employees electronically (electronic funds transfer or BPAY®) and send the associated data electronically.
The data is in a standard format so it can be transmitted consistently across the super system – between employers, funds, service providers and the ATO. It’s linked to the payment by a unique payment reference number.
This means you can make all your contributions in a single transaction, even if they’re going to multiple super funds.
The main aim of SuperStream is to ensure employer contributions are paid in a consistent, timely and efficient manner. Although initial set up may take a little time, long term, SuperStream will serve as a real time saver to businesses that need to pay super contributions to numerous funds.
The ATO has provided this helpful Employer checklist: a step-by-step guide
This great little video published by the ATO gives you a quick and simple run down of how SuperStream works and how it will help you and you small business.
Still not sure what to do or just want to talk to someone?
If you’re not sure about anything and want to talk to one of our accountants about your business and SuperStream, contact our business team on 1300 174 689 or fill out our contact form and we’ll get in touch as soon as possible.
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