Under 100 days till SuperStream deadline for small businesses

Nest egg, superannuaiton, SMSF, retirement
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SuperStream, small business, ATO, deadline, 30 June 2016Update: the ATO has announced ‘compliance flexibility’ for small businesses which miss the SuperStream deadline.

The ATO has warned that small businesses have less than 100 days to get ready for SuperStream.

SuperStream is a new electronic data standard for passing information about superannuation contributions between employers and super funds.

Large employers (over 19 employees) are already meant to be using SuperStream, while small employers (under 20 employees) have until 30 June 2016 to complete their implementation of the new system.

Over 60% of Australia’s small businesses are already using SuperStream, according to the ATO. Though SuperStream doesn’t apply to all employer superannuation contributions.

ATO Deputy Commissioner James O’Halloran said there are a number of options for small businesses to become SuperStream ready, including “a payroll system that meets the SuperStream standard, a superfund’s online system, a super clearing house or a messaging portal”.

“We recognise that businesses operate differently and that’s why there’s more than one SuperStream option to choose from. This enables individual employers to select how SuperStream best fits into your business,’ Mr O’Halloran said.

“The super industry is prepared and ready to help you, so contact your chosen SuperStream solution service provider to ask questions and seek advice.”

“If you’re worried you won’t be able to use SuperStream as you don’t operate electronically, be assured that there is a SuperStream option to suit every business.”

O’Halloran said it is now time for small businesses “dwelling on SuperStream to make it number one on their to-do list.”

“By taking action, now employers can use the coming months to set up SuperStream. This will ensure things are running smoothly in you will be able to avoid any last minute stress as the 30 June deadline approaches.”

“Regardless of the SuperStream option you choose, now is the time – before the deadline – to overcome concerns and create real efficiencies with SuperStream.”

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