The deadline in which small businesses must adopt the ATO’s SuperStream system has been extended from 30 June 2016 to 28 October 2016. This is because the ATO recognised not all businesses are ready to transition by the June 30 deadline, so rather than taking compliance action the ATO will work with these small businesses to allow them to be ready by the 28 October deadline.
This deadline defines small business by employing 19 employee’s or less or having less than a 2 million dollar turnover. Here is a short video to give you more of an idea about SuperStream.
SuperStream is considered to be a win-win-win scenario, benefitting fund members, employers and super funds. It consists of transmitting money and information consistently across the super system between all of the required entities. The payment can then be tracked by a unique payment reference number, meaning that:
- Employers can make multiple super contributions in one transaction, even going to separate super funds
- Contributions and rollovers can be processed with more efficiency and fewer errors
- Employee’s will be more reliably linked with their super accounts, reducing the amount of unclaimed super money
SuperStream must be used by:
- Self-Managed Super Funds
- APRA-regulated funds
The ATO has also made a checklist, that can be found here to get your small business ready for the SuperStream deadline.
SuperStream can be implemented in the following ways:
- Using a payroll system that meets the requirements (Xero meets this requirement)
- A super fund’s online system
- A messaging portal
- A super clearing house like the ATO’s Small Business Super Clearing House (SBSCH).
If you need assistance setting up SuperStream in your business, upgrading your plan with Xero or more information about Xero, Northern Business Consultants can help you, call us on (07) 3862 8777 or contact us.