Business

ATO pushes small businesses to get SuperStream ready

AUSTRALIAN small businesses have 100 days to become "SuperStream ready" as the superannuation standardisation system is implemented.

With June 30 rapidly approaching, the Australian Taxation Office (ATO) is encouraging small businesses to make becoming SuperStream ready a priority.

More than 60 per cent of all Australia's small businesses are already on board with SuperStream.

SuperStream - the standardisation of how employers make super contributions on behalf of their employees - involves employers sending all super payments and employee information electronically in a standard format. 

Deputy Commissioner James O'Halloran said there are a number of options businesses can choose to become SuperStream ready.

These include using a payroll system that meets the SuperStream standard, a superfund's online system, a super clearing house or a messaging portal.

Some businesses may already use one of these options to pay super, and those businesses only need to initiate a
few simple changes to meet the SuperStream standard.

"Some small business owners, who are currently using SuperStream, have reportedly cut time spent on super processing by around 70 per cent each cycle," Mr O'Halloran said.

"We recognise that businesses operate differently and that's why there's more than one SuperStream option to choose from. This enables individual employers to select how SuperStream best fits into your business.

"The super industry is prepared and ready to help you, so contact your chosen SuperStream solution service provider to ask questions and seek advice.

"If you're worried you won't be able to use SuperStream as you don't operate electronically, be assured that there is a SuperStream option to suit every business. 

"You can also use a third party, such as your bookkeeper or accountant as they can pay your super using SuperStream on your behalf. "

Mr O'Halloran said now is the time for employers putting off SuperStream to make it number one on their to-do list.
"By taking action, now employers can use the coming months to set up SuperStream. 

This will ensure things are running smoothly in you will be able to avoid any last minute stress as the 30 June deadline approaches.

"Regardless of the SuperStream option you choose, now is the time - before the deadline - to overcome concerns and create real efficiencies with SuperStream," he said.

Gympie Times

Topics:  business, small business, superannuation, superstream




Teenager hit by car while trying to cross Bruce Hwy

INJURED: A teenage girl has been treated for minor injuries after she was hit by a car on the Bruce Highway.

Teenage girl escapes serious injury after being hit by a vehicle

Perfect day for Brooke and David

Brooke (nee Tierney) and David Heyne had a perfect wedding day in Gympie.

How did karaoke lead to true love?

Agforce slams vegetation law changes

NOT HAPPY: Wolvi cattle breeder and Agforce State councillor Ivan Naggs is worried about the latest land clearing legislation.

VEGETATION legislation is about to change again

Latest deals and offers

'We finally won at parenting'

WINNING: It only took 24 years an seven children, but they made the bus on time.

Getting your kids to the bus on time can be a challenge

What's on the small screen this week

Keira Maguire and Richie Strahan in a scene from The Bachelor.

SEVEN gears up for the Rio Olympics while The Bachelor continues.

Drowning Pool gig review at Max Watt's

Drowning Pool played Brisbane with A Breach of Silence and She Cries Wolf at the Max Watt's House of Music.

Drowning Pool prove that 'bodies' hit the floor when they play

#SaveMarinaJoyce: How ISIS theory took over youtube channel

One young Youtuber accidentally gave rise to a conspiracy theory

Talking whiskey with Jack Daniel’s master distiller

It all comes down to the distillery

SIXTY MILES AHEAD sign with Eclipse Records, prepare new album 'Insanity'

Sixty Miles Ahead sign with Eclipse. Photo Contributed

Sixty Miles Ahead to release new album on Eclipse

Queensland's $1 town goes under the hammer today

The township of Yelarbon is up for sale.

Unprecedented auction of town's business centre with no reserve

Is Gympie having a building boom?

There is plenty of building activity happening around the Gympie region.

New home approvals for Gympie region double

Work starts on $15M Caloundra apartment building

Turning the first sod at the Aqua View Apartments site in Kings Beach are (from left) husband-and-wife developers Alex Yuan and Stella Sun with construction company Tomkins director Mike Tomkins and Councillor Tim Dwyer.

Developers excited about addition to Kings Beach skyline

72-year-old Coast developer set to start new project

GREEN LIGHT: The Cosmopolitan has been approved for development at Cotton Tree.

Meet the Canberran set to deliver another chapter for Coast suburb

Plans revealed for 1500-lot 'master-planned community'

Precinct will be bounded by Boundary St and Shoesmith Rd

Ecco Ripley sales run sparks prime release

MOVING IN: Sekisui House has announced the release of more residential blocks at Ecco Ripley.

Sekisui House is preparing to unveil more land at Ecco Ripley