Large and medium employers are being reminded to ensure they’re SuperStream compliant before the end of October.
SuperStream is a compulsory change for all employers across the country and is designed to simplify superannuation payments for businesses by requiring employers to make super contributions electronically in a standard format.
Employers with 20 or more staff members have until 31 October to ensure they’re compliant, after having already received a deadline extension of four months (the original cut-off was 30 June).
Philip Hind, Australian Taxation Office (ATO) national program manager, said the majority of medium and large businesses are already using SuperStream.
“For the minority of medium and large employers who are not yet using SuperStream, you need to act now to adopt SuperStream by 31 October,” he said.
“From 1 November we will be focussing on employers who have been identified as non-compliant with SuperStream.
“Of course, our preference is to ensure all employers are able to start using SuperStream and benefit from the potential time and cost savings, but deliberate non-compliance will inevitably attract our attention,” he said.
According to Hind, significant benefits of the new system include time and cost savings for employers.
“Previously, it has been time consuming for employers who had to make multiple super contributions to numerous funds with many also using cheques to make payments.
“For many employers paying super took hours. Under SuperStream, employers need now make just one electronic transaction covering all employees – and this can considerably cut the time it takes to make super contributions,” he said.