Small business – SuperStream is the way forward

Local small businesses are being reminded by the Australian Taxation Office (ATO) that they must ensure they make the switch and start paying their super contributions in the new standard – SuperStream.

Businesses that are still paying their super by cheque need to move to an electronic solution to make their super contributions. Those businesses already paying electronically by EFT or BPAY directly to their funds may also need to make some changes and are encouraged to contact their fund.

SuperStream is the standardisation of how employers make super contributions on behalf of their employees. It involves employers sending all super payments and employee information electronically in a standard format and using it is mandatory.

Deputy Commissioner Nicole Dykstra said the ATO wants to ensure all small businesses are aware that SuperStream compliance is mandatory.

“We’ve given small businesses extra time to prepare and you now have until 28 October,” Ms Dykstra said.

‘With just one quarterly payment date left until this deadline I am encouraging local businesses to make preparations now.

“More than 470,000 small businesses are now paying their contributions electronically via SuperStream which is fantastic, and as a result, in excess of 10.5 million employees are already receiving superannuation payments quicker and more efficiently.

“We understand that setting up for SuperStream may take some time however it is a one-off commitment and once established it is easy and ready to use for each contribution cycle.”

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