SuperStream Compliance Deadline Approaching
In June this year, The Australian Taxation Office announced that the deadline for small businesses to get SuperStream compliant has been extended to October 28, 2016.
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.
The extension is available to small business with 19 employees or less.
As a small business, you can choose to use the Small Business Superannuation Clearing House to make the contributions as a single electronic payment to the Clearing House. It will then distribute the payments to employees’ funds.
This is a free service offered by the ATO. Alternatively, there are other service providers that you can use to be SuperStream compliant including providers available through you accounting software providers.
For more information please do not hesitate to contact our office where our team will be able to assist you with your queries.