By Vanessa Cavasinni, editor Australian Hotelier
The Australian Taxation Office has announced that the deadline for small businesses to get SuperStream compliant has been extended to October 28.
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 this financial year, the deadline has been extended for those with 19 employees or less by four months, with the ATO offering to help these businesses get compliant in time.
“Through the ATO’s ongoing engagement with small businesses, we understand some need more time to implement their SuperStream solution or to work with a SuperStream expert to find a solution that suits their needs,” said James O’Halloran, the ATO’s deputy commissioner.
“The ATO will not be taking compliance action against small businesses who miss the 30 June deadline and will continue to work to support them to get SuperStream ready.
“By providing this flexibility, small businesses will have another four months to make the changes and ensure they are compliant by 28 October.”
Last year, the ATO identified 22 industries that were in danger of not meeting their superannuation requirements, including accommodation and pubs.
Adoption of Superstream has already had great results for many businesses, with an average of 70 per cent decrease on the time spent dealing with super obligations.
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.