As the end of financial year fast approaches, small businesses can breathe a small sigh of relief – the ATO has extended the SuperStream deadline.
The original deadline was 30 June, but the ATO says it will provide compliance flexibility to small businesses that are not yet SuperStream compliant until 28 October 2016.
‘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,” says ATO deputy commissioner, James O’Halloran.
“By providing this flexibility, small businesses will have another four months to make the changes and ensure they are compliant.”
According to the ATO, more than 450,00 small businesses have already implemented the required changes.
“We expect that many more small businesses will be SuperStream compliant when they make their super contributions for the June quarter,” says O’Halloran.
The time saving benefits of the new system are considerable. The ATO says that for businesses already utilising SuperStream, the time spent on meeting their superannuation obligations has been reduced by an average 70%.
“This is also great news for the 88 per cent or more than 10.5 million employees who are now receiving their super contributions in their accounts much quicker and with greater certainty due to SuperStream,” O’Halloran notes.
For businesses that are unsure of the new requirements, the ATO has published an employer checklist with a step-by-step guide on how to meet the SuperStream standard on its website.