Small businesses (with less than 20 employees) have been given some additional time to transition to the Government’s SuperStream initiative with the deadline being extended to 28 October, allowing small business a chance to find a solution that fits their needs.
With the original deadline set at 30 June, over 450,000 businesses have already ensured that they are compliant with SuperStream, standardising employer superannuation contributions on behalf of their employees.
However, noting that there were many small businesses that would not be compliant by the end of the financial year, the ATO have extended the deadline to 28 October with continued education and support offered by the ATO to become SuperStream ready.
There are various options for getting a business SuperStream compliant, including a payroll system that meets the standard, a super fund’s online system, a messaging portal or a super clearing house. The ATO provides its own Clearing House service free of charge to small businesses with 19 or fewer employees, or with an aggregated turnover of less than $2 million per year.
Many small businesses that have successfully adopted SuperStream are enjoying the efficiencies that it has created.
In preparing for SuperStream it is important to collect the necessary employee identification data – being your employees’ TFNs and their funds’ unique super identifiers (USIs) - and enter it into your system ahead of the next quarterly due date on 28 September. That way, you have time to check that things are running smoothly before the new deadline.
Employees can find their fund’s USI on their super statement or by calling their fund. Employers can also find these details using the Super Fund Lookup website, view the SuperStream checklist for further directions.
Please note that this publication is intended to provide a general summary and should not be relied upon as a substitute for personal advice.