Is Your Business Ready for SuperStream?
The ATO has recently announced that small businesses will be given extra time to become SuperStream compliant.
With only a matter of days to go until the 30 June SuperStream deadline, the ATO has announced an extension to 28 October 2016 for Small Businesses (< 20 employees) to comply with the SuperStream standard.
As you may recall from our previous blogs, SuperStream is a compulsory system governing the way in which employers make payment of employee superannuation contributions.
What do employers need to do?
Employers can meet their SuperStream requirements by using:
- SuperStream compliant payroll software (eg Xero); or
- a service provider who can look after SuperStream compliance on their behalf; or
- a clearing house like the Small Business Superannuation Clearing House.
Employers can check that their accounting software is compliant by contacting the provider or by checking the ATO Product Register.
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What do Self Managed Superannuation Funds (SMSF) need to do?
In order for employers to pay contributions to SMSF under SuperStream, the SMSF must have in place an Electronic Service Address (ESA).
Sky Accountants has in place a free ESA solution for all SMSF clients. If you don’t already have the details, please get in touch.
Alternatively, the ATO has created a Register of ESA service providers that can assist SMSF to meet their SuperStream requirements.
If you need assistance to ensure that your business and/or SMSF is SuperStream compliant, please do not hesitate to contact your nearest Sky Accountants office.
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