The ATO has warned that time is running out for small businesses to start paying their superannuation contributions via the new and mandatory electronic standard SuperStream.
The October 28 deadline is only one week away, meaning small businesses (those with 19 or fewer employees) have just one super guarantee payment date left.
Assistant commissioner Nicole Dykstra warned those small businesses paying super that have not transitioned to SuperStream yet, “whether it be the business owner, partner, accountant or bookkeeper” cannot ignore the deadline any longer.
“The ATO is pleased that more than 75% of small businesses are already SuperStream compliant, however there is still a way to go to ensure everyone has made the switch,” Dykstra says. “If small businesses haven’t adopted SuperStream by the deadline, they are at risk of being non-compliant.”
She says that the ATO provided a “four-month period of compliance flexibility” for small businesses that were unable to meet the original June 30 deadline, but says that the ATO “will not be granting any further extensions” for businesses who have not implemented SuperStream.
“Setting up SuperStream is a one-off task, and while initial set up may take some time, in the long run it can provide considerable time savings for businesses that pay super to multiple funds,” Dykstra says.
There are a few steps businesses should take to start paying super the SuperStream way.
Step 1: Choose an option that suits your business, such as:
- a payroll system that meets the SuperStream standard
- your super fund’s online system
- a super clearing house, including the ATO’s free Small Business Superannuation Clearing House
- a messaging portal.
For small business owners who are not sure which option to choose, or if your business is not yet SuperStream ready, the ATO has developed a handy decision tree to help guide you.
The ATO’s step-by-step employer checklist can also help small businesses with their preparations.