SuperStream: it’s not too late for large employers to get ready

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ATO SuperStream, Large employers, 20 employees, 31 October 2015The ATO says it’s not too late for large employers to get ready for SuperStream before the 31 October 2015 deadline.

Large employers were meant to be fully SuperStream compliant from 30 June 2015, but the ATO allowed additional ‘compliance flexibility’ time until 31 October 2015.

For SuperStream purposes large employers are defined as those with 20 or more employees.

“You have several options available to become SuperStream ready. These include upgrading your current payroll software, using a clearing house service or your default super fund’s portal,” says the ATO.

The ATO maintains a SuperStream Certified Product Register to assist employers. The register “identifies the readiness of payroll software and other service providers to meet SuperStream requirements.”

“Our priority is to support you to become SuperStream compliant and we have been working with the super industry to help with your transition. We remind you to take steps now to become SuperStream ready.”

Penalties may apply from 1 November 2015 for non-compliance.

SuperStream is a new data standard for information about superannuation contributions to be sent electronically between employers and super funds.

“Over 350,000 employers have now adopted SuperStream. The benefit to you is a simplified and consistent process for making super contributions.”

The ATO says, under the new system, employers can “expect a simpler, consistent method of preparing contributions, and in many cases, a single channel for interacting with multiple funds.”

Small employers, those with 19 or fewer employees, were meant to start using SuperStream from 1 July 2015 and be fully compliant by 30 June 2016. The ATO is contacting some small businesses between October 2015 and March 2016.

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