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SuperStream deadline 30 June 2016 – are you compliant

Posted on May 4, 2016 by Kristy Hickey in Superannuation Blogs

With the SuperStream deadline of 30 June 2016 rapidly approaching, ATO Deputy Commissioner James O’Halloran says now is the time for employers who are not yet using SuperStream compliant to cross it off their ‘to-do’ list.

At a glance:

  • SuperStream is a set of government reforms aimed at making the monitoring and payment of super simpler and more transparent.
  • With SuperStream, super payments are electronic, and you can pay all your employees’ super and send their information through one channel, saving you time and effort.
  • Small employers (19 or fewer employees) must meet the SuperStream standard by 30 June 2016.

What this means for you:

  1. Choose a reliable SuperStream clearing house package
  2. Collect employees information and update payroll records
  3. Start using SuperStream before 30 June 2016

“By taking action now employers will have a chance to test their SuperStream solution and ensure things are running smoothly and eliminate any stress around the 30 June deadline”, says Mr O’Halloran.

Any employers who have not yet started to prepare needs to act now. The Australian Taxation Office are encouraging employers to setup Superstream ahead of the 30 June 2016 deadline.

If you need assistance or have any questions about how SuperStream might affect you, contact one of our friendly expert staff at BLG Business Advisers.

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