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Flexibility for small business to become SuperStream compliant

Flexibility for small business to become SuperStream compliant

  • Sunday, 03 July 2016 02:25

SuperStream is the way businesses must pay employee superannuation guarantee contributions to super funds. SuperStream transmits money and information consistently across the super system – between employers, funds, service providers and the Australian Taxation Office (ATO) electronically in a standard format. The data is linked to the payment by a unique payment reference number.

The ATO have recognised that some small businesses may need extra time and help to become SuperStream compliant. super

To support these businesses, the ATO has announced it will provide compliance flexibility to small businesses that are not yet SuperStream ready until 28 October 2016. The ATO will not be taking compliance action against small businesses who miss the 30 June deadline and will continue to work to support them to get SuperStream ready.

You can select how your business becomes SuperStream ready. Options include using a payroll system that meets the standard, a super fund’s online system, a messaging portal or a super clearing house like the ATO’s Small Business Super Clearing House (SBSCH). The SBSCH is a free, optional service for small business with 19 or fewer employees, as well as businesses with an annual aggregated turnover of $2 million or less.

Your business may already use one of these options to pay super, and you may only need to initiate a few simple changes to be SuperStream ready.

 

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