Extended Deadline for SuperStream

The Australian Tax Office (ATO) has extended the deadline for small to medium employers to implement SuperStream to the 28th of October.

Previously, employers with 19 or less employees had until 30 June 2016 to fully implement SuperStream into their business operations (Larger employers have been using SuperStream since 31 October 2015).

Yet in spite of the impending deadline, at least one third of Australian SMEs were expected not to be compliant.

In giving businesses an extra four months to comply, the ATO acknowledges that some small to medium businesses require extra support and assistance to implement the required changes.

MYOB’s latest Business Monitor Research, supports this position.  The survey of over 1,000 Australian SMEs found that 24% were not aware of the deadline, 27% found the process confusing and a further 23% felt that they didn’t have enough information.

SuperStream is an ATO requirement for employers to pay all superannuation contributions via the Government’s SuperStream Data and Payment Standard. Every employer will need an Electronic Service Address and have their superannuation paid electronically.  This can generally be done either via your payroll system or a super clearing house.

Using SuperStream allows employers to make contributions in a single transaction (even if they are going to multiple funds) which enables contributions to be processed more efficiently.

To work out the best option for your business, please contact your William Buck Advisor

For further information, please see the ATO website.

Disclaimer: The contents of this article are in the nature of general comments only, and are not to be used, relied or acted upon with seeking further professional advice.  William Buck accepts no liability for errors or omissions, or for any loss or damage suffered as a result of any person acting without such advice.  Liability limited by a scheme approved under Professional Standards Legislation
Extended Deadline for SuperStream

Belinda Hudson

Belinda is a Director in our Business Advisory division and is the national lead for William Buck's Health Services Group. Belinda has extensive knowledge in relation to the medical industry covering all areas of general and specialist practices providing advice in tax planning, service trusts, income tax and wealth creation strategies. She also works closely with SMEs and individuals to design and implement long term tax and accounting strategies tailored to their specific needs.

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