More than 60% of all Australia’s small businesses are already on board with SuperStream. If your business is not one of them, you’ve got just 100 days remaining to get it done.
With the 30 June 2016 deadline rapidly approaching, the ATO is encouraging small businesses to make becoming SuperStream ready a priority.
The system – that standardises how employers make super contributions on behalf of their employees – involves employers sending all super payments and employee information electronically in a standard format.
Deputy Commissioner James O’Halloran says there are a number of options your business can choose to become SuperStream-ready. These include using a payroll system that meets the SuperStream standard, a super fund’s online system, a super clearing house or a messaging portal.
Your business may already use one of these options to pay super, and if so, you may only need to initiate a few simple changes to meet the SuperStream standard.
‘Some small-business owners, who are already using it, have reportedly cut time spent on super processing by around 70% each cycle,’ Mr O’Halloran said.
‘We recognise that businesses operate differently and that’s why there’s more than one SuperStream option to choose from. This enables individual employers to select how SuperStream best fits into your business.
‘The super industry is prepared and ready to help you, so contact your chosen SuperStream-solution service provider to ask questions and seek advice.
‘If you’re worried you won’t be able to use it as you don’t operate electronically, be assured that there is an option to suit every business.
‘You can also use a third party, such as your bookkeeper or accountant, as they can pay your super using SuperStream on your behalf.‘
Mr O’Halloran says now is the time for employers considering the system to make it number one on their to-do list.
‘By taking action now, employers can use the coming months to set up SuperStream. This will ensure things are running smoothly in you will be able to avoid any last minute stress as the 30 June deadline approaches.
‘Regardless of which option you choose, now is the time – before the deadline – to overcome concerns and create real efficiencies with SuperStream,’ he said.