Small employers have until 28 October to be using SuperStream

Nest egg, superannuaiton, SMSF, retirement
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SuperStream, small employers, 28 October 2016, ATO, compliance flexibility, 30 June, 19 or fewer employees, under 20 employeesThe ATO has reminded small employers that they have until 28 October 2016 to be using SuperStream.

Small employers, defined for SuperStream purposes as 19 or fewer employees, were meant to be using SuperStream from 30 June 2016. However in June the ATO said it would not take compliance action against small employers for four months, which was similar to the approach taken with large employers. This ‘compliance flexibility’ is now coming to a end.

“We’ve given small businesses extra time to prepare and you now have until 28 October,” said ATO Deputy Commissioner James O’Halloran.

‘With just one quarterly payment date left until this deadline I am encouraging local businesses to make preparations now,” he said.

“More than 470,000 small businesses are now paying their contributions electronically via SuperStream which is fantastic, and as a result, in excess of 10.5 million employees are already receiving superannuation payments quicker and more efficiently.”

“We understand that setting up for SuperStream may take some time however it is a one-off commitment and once established it is easy and ready to use for each contribution cycle.”

SuperStream is a Government program to improve back-office super fund efficiency by creating an electronic standard for reporting and paying employer superannuation contributions.

The ATO website has a step-by-step guide and checklist to help employers get ready for SuperStream. Webinars are also available.

Note, however, that some super contributions from employers don’t need to go through SuperStream, such as from a related-party employer to their SMSF. More information is available on the ATO FAQ.

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.

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