SuperStream deadline rapidly approaching
With the SuperStream deadline of 30 June rapidly approaching, ATO Deputy Commissioner James O’Halloran says now is the time for employers who are not yet using SuperStream to cross it off their to-do list.
Super Stream is the new way employers must pay super. It means paying super and sending employee information electronically in a standard format.
More than 60% of all Australia’s small businesses are now using SuperStream.
“Employers who haven’t yet adopted SuperStream due to a lack of time should be assured by figures indicating that employers who are using SuperStream have reduced the time they spend on super by an average of around 70%, each cycle,” says Mr O’Halloran.
The Australian Taxation Office is also assuring small employers there are options available to suit their business, regardless of their circumstances.
“We’ve heard from employers who are worried they won’t be able to use SuperStream as they don’t operate electronically, for example” says Mr O’Halloran.
“Our message for these employers is that there’s a solution to suit every business. You can use a third party, such as a bookkeeper or accountant, to make your super contributions electronically using SuperStream on your behalf.
“You can also use your default fund’s online payment system, payroll software or a clearing house, such as the ATO’s free Small Business Superannuation Clearing House. “
The next quarterly super payment cycle is due in April and this is a good opportunity for businesses to start using SuperStream.
“We are encouraging the remaining employers who have not yet adopted SuperStream to do so before 28 April.
“By taking action now employers will have a chance to test their SuperStream solution and ensure things are running smoothly and eliminate any stress around the 30 June deadline”, says Mr O’Halloran.
Employers should visit the ATO’s online employer checklist. Employers can also contact an accountant, bookkeeper, payroll provider, super fund or clearing house for help.