Some businesses MUST BE SuperStream ready by 30 June 2015
To make super payments and compliance more streamlined and efficient, the ATO created the SuperStream model some time ago. The idea is to make all Superannuation reporting uniform and electronic, which will eventually make the entire process much easier for employers and superfunds.
The ATO has provided a transition period to allow businesses to get their accounting and reporting processes SuperStream ready.
The SuperStream deadlines are:
- Employer with 20 employees or more – Start 1 July 2014 and be fully ready by 30 June 2015
- Employer with 19 employees or less – start 1 July 2015 and be fully ready 30 June 2016
Please assess your situation and ensure that you have this compliance matter planned and actioned properly to avoid any fines and penalties that the ATO may impose.
Contact us to get further advice on your circumstances and requirements and also take this opportunity to read the ATO guide on SuperStream.