iscoverThe ATO has urged employers to act now on SuperStream, claiming the initiative can slash super admin time by up to 70 per cent, and could potentially save them money.
ATO steps up SuperStream push
26 November 2015
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5 minute read
As the 30 June 2016 deadline for SuperStream full implementation approaches, the ATO has claimed SuperStream has already reduced the time that employers have spent on super "by around 70 per cent – or 1.5 hours – each cycle on average".
“You may save money too, with small businesses who have implemented SuperStream so far collectively saving up to $50 million per year,” said Phillip Hind, ATO national program manager for data standards and e-commerce.
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The stepped up selling push comes after recent delays and postponements to the SuperStream starting date, as well as concerns that the process would significantly threaten the cash flow of many small businesses.
Mr Hind has previously urged that these delays fail to constitute a reason not to be SuperStream-ready, flagging potential risks of non-compliance.
“They are likely to run into problems with getting it completed on time, or not being able to implement it, and then they are going to face the potential non-compliance issues,” he said.
According to the ATO, the advantages of SuperStream are not confined solely to employers; employees can also reap benefits such as better tracking of superannuation payments due to funds holding more accurate and complete information.
“By using SuperStream, employers can assure their employees that their super has been managed well – what a great message to give your employees at Christmas time,” Mr Hind said.
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