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.

Topics:  business small business superannuation

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