SuperStream Deadline Looming

The extension for employers with 19 or less employees to become super stream compliant ends on Friday, 28th of October.

The deadline, previously 30 June 2016 was extended by the Australian Tax Office to allow additional time for small businesses to become SuperStream compliant.

Businesses with 20 or more employees, should already be SuperStream compliant.

With the original deadline set at 30 June, over 450,000 businesses have already ensured that they are compliant with SuperStream, standardising employer superannuation contributions on behalf of their employees.

How it works

Rather than having to report and pay super in numerous locations, you report and pay your employer superannuation payments to one area.

How to become SuperStream Compliant?

There are a number of options available to comply with the new standards.

The easiest way to become SuperStream compliant is to use your Accounts software in your business that enables electronic super payments.

If you use a commercial Accounting package, your existing payroll system will probably be SuperStream compliant already provided your subscription is up to date.

Alternatively, you can register with a superannuation clearing house. This can be with your current industry superannuation provider or through the ATOs free clearing house which is available (and free) to small businesses with a turnover of under $2M.

Self Managed Super Funds:

From 1 July 2016, SMSF trustees will need to ensure they are able to receive employer contributions and associated data electronically using the SuperStream data and payment standard.

Whilst most SMSF’s are already capable of receiving contributions electronically, it is the data that will have the biggest impact.

SMSF’s will need to ensure they have an electronic service address that is capable of receiving the information in the correct format.

An exemption applies for employer contributions where the payments are from a related-party employer, eg. if you're an employee of your family business and your super guarantee contributions go to your Self Managed Super Fund, these contributions are exempt from the SuperStream standard.

Blackburn Lazer
blackburnlazer.com.au

Want to know more?

Do you have a question about something you've read in this article? Need more information? Want to book an appointment? Simply let us know below and we'll get back to you ASAP.