ATO issues SuperStream warning
The tax office has issued a warning to small businesses, urging those yet to implement SuperStream to act now.
SuperStream requires employers to send all super payments and employee information electronically in a standard format. Using it will be mandatory from 1 July.
According to the ATO, nearly 35 per cent of small businesses are still not SuperStream ready.
ATO deputy commissioner James O'Halloran said that completing the SuperStream set-up and using it prior to the 30 June deadline is doable, but reiterated the need to start now.
"The super industry is ready to help, so initiate contact and open the conversation with a SuperStream expert," says Mr O'Halloran.
Mr O'Halloran urged those advising small businesses to make sure their clients are ready for the impending deadline.
"Accountants and bookkeepers can provide this expert SuperStream advice," he said.
"Support is also available from your super fund, payroll system provider, messaging portal provider or by contacting your super clearing house. You don’t have to work it out alone.
"If you’re worried as you don’t operate electronically, or you only pay super to a few employees, be assured that there is a SuperStream solution to suit every business."
Set-up is a one-off task, and once done, using SuperStream for each payment cycle is simple.