The Australian Tax Office’s (ATO) SuperStream compliance deadline for small employers is fast approaching, but many businesses are unaware of their obligations according to a new survey from MYOB.
SuperStream is the ATO’s system for processing superannuation data and payments electronically, which means employers will be required to pay super contributions for their employees electronically (EFT or BPAY) and send the associated data electronically.
For small businesses (19 or fewer employees), the deadline to meet the SuperStream standard is 30 June 2016. The deadline for larger employers was 31 October 2015.
However, MYOB’s latest Business Monitor, which surveyed more than 1000 SMEs, reveals one quarter of respondents were unaware of the deadline. Additionally, 17% of operators had not yet complied and 13% were unsure.
The survey found construction and trade businesses had the highest rate of non-compliance with the SuperStream requirements (31%).
MYOB asked why operators had not yet met the SuperStream obligations, with 27% of respondents saying they found the process confusing, while 23% felt they did not have enough information.
James Scollay, MYOB’s general manager of SME solutions, says it is concerning that so many SMEs are at risk of SuperStream non-compliance with the deadline only a few weeks away.
“Employers need to be taking action now to ensure they get their implementation right by 30 June,” he warns.
“The great thing about SuperStream is that it really simplifies workflows. Businesses that are looking for more information on this should talk to their accountant or bookkeeper as they will be able to inform operators what’s required to be compliant and help them make any necessary changes to their systems and processes.”