ATO to be ‘flexible’ on small business SuperStream compliance

ATO, SuperStream, Small business, deadline, 30 June 2016, 28 October 2016, extension, compliance flexibilityThe ATO has announced that small businesses which miss the 30 June deadline for SuperStream compliance will receive ‘compliance flexibility’ until the 28th of October.

“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,” said ATO Deputy Commissioner James O’Halloran.

“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,” he said.

“By providing this flexibility, small businesses will have another four months to make the changes and ensure they are compliant by 28 October.”

“We expect that many more small businesses will be SuperStream compliant when they make their super contributions for the June quarter.”

The ATO announced similar flexibility around the SuperStream deadline for large employers.

Mr O’Halloran said many businesses that have implemented SuperStream are seeing the benefits, including an average 70% time saving in meeting superannuation obligations.

“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.”

The announcement of flexibility around the SuperStream deadline has been welcomed by the SMSF Association.

SMSF Association CEO Andrea Slattery said the ATO is to be “applauded” for adopting this approach towards small business.

“Extending this deadline is an acknowledgement that some small businesses do need extra time and assistance to implement the changes required to become SuperStream compliant, especially as the end of financial year is particularly busy.”

“Once again the ATO has demonstrated it is willing to work with all superannuation sector participants, including employers, to deliver the best outcome.”

Want to be kept up-to-date with SMSF and Superannuation changes, why not subscribe to our Newsletter?

This article, as with all content on this site, is for informational purposes only, and is not legal, financial, tax or other advice. Please read our Terms and Conditions of Use.

Leave a Reply

Your email address will not be published. Required fields are marked *