The ATO reports that more than 60% of small businesses are already on board with SuperStream, but also warns that if your business is one of tardy, you have a mere 100 days remaining to get it done.
With the June 30 deadline rapidly approaching, the ATO is encouraging small businesses to make becoming SuperStream ready a priority.
SuperStream – the standardisation of how employers make super contributions on behalf of their employees – involves employers sending all super payments and employee information electronically in a standard format.
The ATO’s 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 superfund’s online system, a super clearing house or a messaging portal.
If you already use one of these options, you may only need to initiate a few simple changes to meet the SuperStream standard.
“Some small business owners who are currently using SuperStream have reportedly cut time spent on super processing by around 70% each cycle,” O’Halloran says. “If you’re worried you won’t be able to use SuperStream as you don’t operate electronically, be assured that there is a SuperStream option to suit every business.”
The ATO says that even if your business uses a third party, such as a bookkeeper or accountant, there is still an option for these third parties to pay your super using SuperStream on your behalf.
O’Halloran warn however that now is the time for employers who have been procrastinating on taking up SuperStream 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 and you will be able to avoid any last minute stress as the June 30 deadline approaches.”