SuperStream deadline approaches: Small businesses have until October 28 to get on board
Tuesday, October 18, 2016/
Small businesses are being urged to act now to adopt SuperStream by the end of October to ensure the Australian Tax Office doesn’t come knocking on their door.
SuperStream requires employers to make super contributions for their employees electronically in a standard data set. Businesses had previously been expected to be compliant with the new system by June 30 this year, however, small businesses with 19 or fewer employees were granted a short reprieve earlier in the year. Those employers now have until October 28 to get up to speed with their SuperStream requirements.
ATO deputy commissioner James O’Halloran told SmartCompany approximately 500,000 small businesses are already compliant with the SuperStream system, which is up from around 450,000 businesses that were on board with the scheme in June.
O’Halloran said the ATO estimates approximately 150,000 small businesses are not yet compliant with the scheme, the majority of which are very small businesses with five or fewer employees.
O’Halloran said come October 28, the ATO will be reviewing all superannuation lodgements by small businesses and contacting those businesses that are not SuperStream compliant.
“Our desire is to avoid any compliance action for small businesses,” he says.
“Under the law, small businesses do have until the 28th of October to be compliant.
“We are aware that small businesses have a lot to do and we know some are only now turning their mind to SuperStream. We appreciate there may be some issues that people are worried about, but [the best thing to do is] … take action now.”
For small business owners who are unsure of how to go about becoming compliant with SuperStream, O’Halloran suggests they contact either their accountant, their superannuation fund or the ATO directly.
“We can help them use and sign up for free to our clearing house services, which 234,000 small businesses are using at the moment,” he says.