Weeks to go until SuperStream deadline for Tradies and small business
With the 30 June 2016 deadline looming, the Australian Taxation Office (ATO) strongly encourages small businesses to get on board with SuperStream today.
More than 65 per cent of all Australia’s small businesses are already on board with SuperStream. If your business is not one of them, you’ve got just weeks to do so.
SuperStream is the standardisation of how employers make super contributions on behalf of their employees. It involves employers sending all super payments and employee information electronically in a standard format and using it is mandatory.
You can select how your business becomes SuperStream ready. Options include using a payroll system that meets the SuperStream standard, a super fund’s online system, a messaging portal or a super clearing house like the ATO’s Small Business Super Clearing House (SBSCH).
The SBSCH is a free, optional service for small business with 19 or fewer employees, as well as businesses with an annual aggregated turnover of $2 million or less. Presently, the SBSCH has reduced red tape and compliance costs for over 125,000 small businesses.
Deputy Commissioner James O’Halloran says your business may already use one of these options to pay super, and you may only need to initiate a few simple changes to meet the SuperStream standard.
“Completing SuperStream set up and using it prior to the 30 June deadline is very doable. If you have questions, today is the day to seek advice and put your plan in place,” says Mr O’Halloran.
“The super industry is ready to help you, so initiate contact with your chosen SuperStream solution service provider and open the conversation.
“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.
“You may choose to use a third party, such as your bookkeeper or accountant, to pay your super using SuperStream on your behalf. If this appeals to you, contact them today to talk about it.
“Some small business owners, already using SuperStream, have reportedly cut time spent on super processing by around 70 per cent each cycle. Regardless of the SuperStream option you choose, you can add your business to this group.
“Now is the time to take action and create real efficiencies with SuperStream,” concluded Mr O’Halloran.
For more information visit https://www.ato.gov.au/Super/SuperStream/