With the 30 June deadline rapidly approaching, the ATO is encouraging small businesses to make becoming SuperStream-ready a priority, revealing that more than 60 per cent of Australian small businesses are already on board with the new standardisation.
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.
“Some small business owners, who are currently using SuperStream, have reportedly cut time spent on super processing by around 70 per cent each cycle,” said ATO deputy commissioner James O'Halloran.
“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.”
Mr O'Halloran added that small businesses are able to seek third-party assistance in order to make their transition to SuperStream a smooth one.
“You can also use a third party, such as your bookkeeper or accountant, as they can pay your super using SuperStream on your behalf.
According to Mr O’Halloran, a proactive approach to the process will ensure that operations are running smoothly well before the deadline ends, allowing ample time to set up SuperStream in the coming months.
“Regardless of the SuperStream option you choose, now is the time – before the deadline – to overcome concerns and create real efficiencies with SuperStream.”
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