ATO reminds small businesses about SuperStream deadline
The Australian Tax Office (ATO) is reminding small businesses to transition to SuperStream by 28 October 2016.
SuperStream is the new mandatory way employers must make super contributions on behalf of their employees. It involves employers sending all super payments and employee information electronically in a standard format.
Those employers that are still paying their super by cheque must move to the electronic solution to make super contributions.
Small business employers have been given extra compliance flexibility from 30 June 2016 to 28 October 2016. This means the ATO will not be taking compliance action against small businesses until 28 October 2016.
With just one quarterly payment date left until the deadline, the ATO is urging small business employers to set up SuperStream now.
To become SuperStream compliant, businesses must first choose an option that suits their business, such as a payroll system that meets the SuperStream standard, a messaging portal, a super clearing house or their super fund’s online system.
Once an option is selected, businesses may need to collect new information from their employees and update records, and then they will be ready to start using SuperStream.