If you handle payroll and superannuation, the ATO has just announced that it has extended the deadline for larger businesses to comply with SuperStream.
Employers with 20 or more employees were required to be SuperStream compliant by 1 July 2015. However the ATO has now extended this deadline for employers who are not ready by four months until 31 October 2015.
Smaller employers (those with less than 20 employees) have until 30 June 2016 to comply with SuperStream. If you are not enrolled in a Super Clearing House already, then try using the ATO Super Clearing House, by visiting the following link: ATO Super Clearing House
Once on that page, click on the Individual drop down and select Super Clearing House and follow the prompts.
In practical terms, complying with Superstream may mean:
- Upgrading your payroll software – the latest versions of the main software brands are generally speaking SuperStream compliant
- Using a commercial superannuation Clearing House or the ATO’s Small Business Clearing House
- Using the employer’s default superannuation fund (which may have its own compliant facilities).
Visit the ATO website for more information on this new regime.