Small businesses across Australia have been mandated to sign up for SuperStream, an electronic reporting standard for superannuation payments to employees. The objective of SuperStream, which is managed by the Australian Tax Office (ATO), is to streamline the superannuation contributions payment and tracking process. The deadline for small businesses to be on-board with SuperStream is looming.
SuperStream allows employers to make superannuation contributions for its employees in a single transaction even if each of them use different super funds. This makes the whole process faster, reduces the likelihood for errors and will save businesses money in the long run, according to the ATO.
The deadline for small businesses with less than 19 staff to implement SuperStream is October 28. How a business adopts SuperStream will depend on the method it uses to pay its workers. Many payroll software products are already SuperStream ready.
According to the ATO a number of small businesses have yet to sign up to SuperStream. There is no exemption for small businesses that are not ready for SuperStream after October 28. ATO will take action against non-compliant small businesses after the deadline has passed.
The ATO has provided a cheat sheet for small businesses to decide how it can adopt SuperStream along with a checklist to make the process easier.
You can visit the SuperStream website for more information.
Comments