The Australian Taxation Office (ATO) has extended the deadline for small businesses to make themselves SuperStream ready. The cut-off date had been 30th June 2016 but the ATO has recognised that some small business may still need a little more help. To facilitate this, that implementation date has been pushed back to 28th October 2016.
Just as a recap, SuperStream is part of the Government's overall plan to reform the Superannuation system. SuperStream is intended to improve the process of receiving contributions and processing rollovers, and cut the associated administrative costs, while also reducing the number of lost and/or unclaimed accounts. As a part of this, most Superannuation Funds need to be ready to receive contributions by electronic means, while most employers need to ensure that their payroll systems can submit contributions electronically.
For the most part the system has been implemented. The last stage was for small business employers (those with 19 or fewer employees) to make their systems ready by 30th June 2016. This announcement provides an extension to that final component.
For more information, please have a look at previous newsletters or consult the ATO website.