Only 30 days until SuperStream deadline for small business
It’s the final countdown to get ready for SuperStream and the Australian Tax Office (ATO) urges small business yet to implement SuperStream to act now.
SuperStream requires employers to send all super payments and employee information electronically in a standard format. Using it will be mandatory from 1 July 2016.
More than 65 per cent of all Australia’s small businesses are already on board with SuperStream. Many already using SuperStream have reportedly cut time spent on super processing by around 70 per cent each cycle.
Deputy Commissioner, ATO, James O’Halloran says completing the SuperStream set-up and using it prior to the 30 June 2016 deadline is very doable; but reiterated the need to start now.
“The super industry is ready to help, so initiate contact and open the conversation with a SuperStream expert,” says Mr O’Halloran.
You can select how your business becomes SuperStream ready. Options include using a payroll system that meets the standard, a super fund’s online system, a messaging portal or a super clearing house like the ATO’s Small Business Super Clearing House (SBSCH). The SBSCH is a free, optional service for small business with 19 or fewer employees, as well as businesses with an annual aggregated turnover of $2 million or less.
“Accountants and bookkeepers can provide this expert SuperStream advice. Support is also available from your super fund, payroll system provider, messaging portal provider or by contacting your super clearing house. You don’t have to work it out alone.
“If you’re worried as you don’t operate electronically, or you only pay super to a few employees, be assured that there is a SuperStream solution to suit every business.”
Set-up is a one off task, and once done, using SuperStream for each payment cycle is simple.
“You too can access the efficiencies SuperStream provides. Contact a SuperStream expert today to help you get on board before the 30 June deadline,” concluded Mr O’Halloran.
It’s the final countdown to get ready for SuperStream and the Australian Tax Office (ATO) urges small business yet to implement SuperStream to act now.Last modified: 01 Jun 2016QC 49224