With only days to go until the 30 June SuperStream deadline, more than 450,000 small businesses have implemented the required changes. And for those who will not be ready in time, the ATO will offer a helping hand.
Deputy Commissioner James O’Halloran says it is encouraging that so many small businesses have implemented SuperStream ahead of the deadline.
‘We expect that many more small businesses will be SuperStream compliant when they make their super contributions for the June quarter,’ Mr O’Halloran said.
However, he noted that while many have made the change, some small businesses may need extra time and help to become SuperStream compliant.
To support these businesses, the ATO has announced it will provide compliance flexibility to small businesses that are not yet SuperStream ready until 28 October 2016.
‘Through the ATO’s ongoing engagement with small businesses, we understand some need more time to implement their SuperStream solution or to work with a SuperStream expert to find a solution that suits their needs,’ Mr O’Halloran said.
‘The ATO will not be taking compliance action against small businesses who miss the 30 June deadline and will continue to work to support them to get SuperStream ready.
‘By providing this flexibility, small businesses will have another four months to make the changes and ensure they are compliant by 28 October.’
Mr O’Halloran said many businesses that have taken the time to find a SuperStream solution and have it up and running are experiencing the benefits, including an average time saving of 70 per cent in meeting their superannuation obligations.
‘This is also great news for the 88 per cent or more than 10.5 million employees who are now receiving their super contributions in their accounts much quicker and with greater certainty due to SuperStream,’ he said.
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.
Your business may already use one of these options to pay super, and you may only need to initiate a few simple changes to be SuperStream ready.
‘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,’ Mr O’Halloran said.
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