In the wake of the recent bushfires, a number of measures have been announced by government to help fire-affected small businesses, their owners and their employees to recover and rebuild – including tax exemptions and grants. Crucially, whilst many of the grants and payments on offer would normally be regarded as taxable income (meaning that Read More…
The SuperStream deadline (28 Oct) won’t be pushed back again, small businesses warned
Mon 17 October 2016 - 12:30 pmSmall Business | Superannuation/SMSF
Businesses with 19 or fewer employees have less than two weeks to transition to SuperStream – the new, mandatory electronic standard for paying superannuation contributions.
“The Australian Taxation Office (ATO) is pleased that more than 75 per cent of small businesses are already SuperStream compliant however, there is still a way to go to ensure everyone has made the switch,” said ATO assistant commissioner, Nicole Dykstra.
“If small businesses haven’t adopted SuperStream by the deadline (28 October), they are at risk of being non-compliant.
“The ATO provided a four-month period of compliance flexibility for small businesses that were unable to meet the original 30 June deadline; however, we will not be granting any further extensions for businesses who have not implemented SuperStream.
“Setting up SuperStream is a one off task and while initial set up may take some time, in the long run, it can provide considerable time savings for businesses that pay super to multiple funds.”
The ATO has identified a few steps small businesses should take to start paying super the SuperStream way.
Step 1: Choose an option that suits your business
- A payroll system that meets the SuperStream standard
- Your super fund’s online system
- A super clearing house, including the ATO’s free Small Business Superannuation Clearing House
- A messaging portal
- You can also ask your accountant or bookkeeper to help you with one of these options.
Step 2: Collect information and update records
Step 3: Start using SuperStream
If you’re not sure what option to choose, or if your business is not yet SuperStream ready, the ATO has developed a handy decision tree to help guide you. The ATO’s step-by-step employer checklist can also help small businesses with their preparations or register for a webinar.
[Editor’s note: For further guidance on how to become SuperStream compliant, read ‘Still paying super by cheque? Time to get digital‘ by ATO deputy commissioner James O’Halloran]
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