Small business to get a break on SuperStream deadline

With the June 30 SuperStream adoption deadline upon us, the ATO has announced that any small business that has had trouble doing so will be given consideration.

While around 450,000 small businesses have implemented the required changes, according to deputy commissioner James O’Halloran, he says it has become apparent that some small businesses may need extra time and help to become SuperStream compliant.

To support these businesses, the ATO has announced it will provide “compliance flexibility” to small businesses that are not yet SuperStream ready, and extend the deadline for said compliance until October 28 (a Friday).

“The ATO will not be taking compliance action against small businesses who miss the 30 June deadline,” O’Halloran says, “and will continue to work to support them to get SuperStream ready. By providing this flexibility, small businesses will have another four months to make the changes and ensure they are compliant by 28 October.”

O’Halloran says the businesses that have taken the time to find a SuperStream solution and have it up and running are experiencing the benefits, including an average time saving of 70% in meeting their superannuation obligations.

He says that small business owners can select how their business becomes SuperStream ready. Options include using a payroll system that meets the standard, a super fund’s online system, a messaging portal or a super clearing house like the ATO’s Small Business Super Clearing House. This is a free, optional service for small business with 19 or fewer employees, as well as businesses with an annual aggregated turnover of $2 million or less.

“Accountants and bookkeepers can provide this expert SuperStream advice. Support is also available from your super fund, payroll system provider, messaging portal provider or by contacting your super clearing house,” O’Halloran says.

Small businesses that need help with their SuperStream preparation can use the ATO’s employer checklist or register for a webinar. You can also view a recording of a past webinar, recorded on 30 March. See this link.

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