SuperStream extension gets thumbs up
The decision by the Australian Tax Office (ATO) to extend the deadline for small businesses to become SuperStream compliant has been welcomed by industry bodies such as the SMSF Association.
SMSF Association managing director/CEO Andrea Slattery said the ATO is to be applauded for adopting a flexible approach to the 30 June 2016 deadline by giving small businesses a few more months to become compliant.
“Extending this deadline is an acknowledgement that some small businesses do need extra time and assistance to implement the changes required to become SuperStream compliant, especially as the end of financial year is particularly busy," she said.
“Once again the ATO has demonstrated it is willing to work with all superannuation sector participants, including employers, to deliver the best outcome.”
The ATO has announced it will give small businesses until 28 October 2016 to be SuperStream compliant.
Ms Slattery said the association is “totally supportive” of SuperStream as it benefits both employers and employees. “There are recognised time savings and lower administrative costs for employers and for employees, many of whom are trustees or members of self-managed super funds, they are getting their super contributions faster and with greater certainty.”