SuperStream - Are you ready?

SuperStream deadline is approaching

Posted on Posted in Book keeping, Small Business, Superannuation, Tax Planning, Taxation

SuperStream deadline is rapidly approaching

With the June 30 deadline rapidly approaching, the Australian Taxation Office is encouraging small businesses to make becoming SuperStream ready a priority.

SuperStream – the standardisation of how employers make super contributions on behalf of their employees – involves employers sending all super payments and employee information electronically in a standard format.

Here is a employer checklist to use. Click here

There are a number of options your business can choose to become SuperStream ready. These include using a payroll system that meets the SuperStream standard, a superfund’s online system, a super clearing house or a messaging portal.

If you already use one of these options, you may only need to initiate a few simple changes to meet the SuperStream standard.

The Australian Taxation Office says that even if your business uses a third party, such as a bookkeeper or accountant, there is still an option for these third parties to pay your super using SuperStream on your behalf.

Now is the time to take action. With the financial year rapidly ending, there will be many reporting obligations to comply with and you may overlook registering with SuperStream

We recommend you contact our office or visit the Australian Taxation Office website for more information