Be Informed is William Buck's regular newsletter, filled with up to date news and relevant advice for individuals and businesses.
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 practice, 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 without 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. This information is current as at 14th June 2016