One-third of small business may not be SuperStream ready

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

MYOB says one-third of small businesses are running the risk of not being ready for the 30 June SuperStream deadline.

SuperStream is a new system for electronically reporting superannuation contributions data to super funds. Many small businesses will be required to be compliant with SuperStream by 30 June 2016. Small businesses are defined, for this purpose, as 19 or fewer employees – the deadline for large employers to be SuperStream compliant has already passed. Note that SuperStream is not required for all superannuation contributions by employers.

“With less than one month until the deadline for SuperStream compliance, one-third of Australian small businesses (SMEs) are still running a risk of potentially not complying with the Australian Taxation Office (ATO) regulations,” said MYOB.

Research by MYOB found a quarter of small businesses were unaware of the 30 June deadline, 17% were not yet compliant and 13% were unsure.

“This figure was the highest amongst construction and trade businesses with an overwhelming 31 percent of SMEs in this industry not having complied with the ATO’s SuperStream requirements.”

27% of small businesses that were not yet SuperStream compliant found the process confusing.

“SuperStream is the law for SMEs from 1 July, and it’s concerning to see so many at risk of non-compliance with the deadline just a few weeks away. Employers need to be taking action now to ensure they get their implementation right by 30 June,” said James Scollay, MYOB General Manager of SME Solutions.

“Businesses that are looking for more information on this should talk to their Accountant or Bookkeeper as they will be able to inform operators what’s required to be compliant and help them make any necessary changes to their systems and processes” said Mr. Scollay.

The MYOB research was based on a survey of 1000 Australian SMEs.

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