Powered by MOMENTUM MEDIA

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

ATO warns businesses to be SuperStream-ready

Time is running out for medium and large businesses to ensure they are SuperStream-ready, the tax office has warned.

News Staff Reporter 29 May 2015
— 1 minute read

Medium to large employers (those with 20 or more employees) have until 30 June 2015 to meet the SuperStream requirements when sending superannuation contributions on behalf of employees.

Advertisement
Advertisement

If employers have 19 or fewer employees, SuperStream starts from 1 July this year and employers have until 30 June 2016 to meet the requirements.

In a statement, the tax office warned “time is running out for the remaining large and medium-sized employers to become SuperStream compliant”.

“Any employer who has not yet started to prepare needs to act now,” the statement read.

However, Philip Hind, the ATO’s national program manager, data standards and e-commerce (SuperStream) said the ATO is seeing significant progress in employers changing the way they make super contributions.

Mr Hind also said there are already some clear indicators of success being reported, with more automated and faster processing of super contributions to member accounts, as well as employers saving time and costs in their business.

“For employers, SuperStream is cutting red tape by making all super payments electronic and introducing a standard way to pay contributions,” he said.

“We know that making multiple super contributions to multiple funds has been a time consuming and often complex process for employers or their staff. Some employers have cut processing times from several hours to minutes once they have put SuperStream in place."

ATO warns businesses to be SuperStream-ready
image intro
accountantsdaily logo

 

Are you thinking of expanding your offering into SMSFs to grow your client base? Become a pro at SMSF fundamentals and make your clients bulletproof with the SMSF Foundations course. Learn directly from Aaron Dunn from Smarter SMSF as he deep-dives into the fundamentals you need to know to successfully undertake your work as an SMSF practitioner. Earn up to 21 CPD hours! Learn more

News