You may recall that as a small business employing 19 or fewer employees you should now have migrated to using SuperStream, the new standard introduced by the Australian Tax Office. Are you SuperStream compliant? Continue reading to find out more.
The original deadline to implement it in your business was 30 June 2016. However the ATO offered a degree of flexibility for those businesses struggling to meet this date and the revised deadline is now 28 October 2016.
If you are still paying your super contributions by cheque, you need to move to an electronic payment system and if you’re already paying by EFT or BPAY you may also need to make some changes and you’re encouraged to contact the super fund to ensure you’re compliant.
The aim of SuperStream is to standardize how employers make super contributions, ensuring that it is done electronically in a standard format and it is mandatory for all small businesses to adopt the standard.
While the initial setup may take some time, once complete it should make life easier to make your super contribution payments.
If any of our clients still haven’t implemented SuperStream and require assistance or more information on what it means to be SuperStream compliant please do not hesitate to give us a call on 07 3391 1188 or email us on firstname.lastname@example.org. We also offer many other business advisory services you may be interested in.