The ATO deadline is fast approaching for small businesses to be Super Stream compliant.
Super Stream is a major government reform aimed at improving the efficiency of the superannuation system. Under Super Stream, employers must make super contributions on behalf of their employees by electronically submitting payments and data.
After June 30, all employers with 19 or fewer employees will need to make super contributions on behalf of their employees by submitting data and payments electronically. While it makes things easier if you're using online accounting software, it does require action on your part to ensure you are lodging correctly.
With just one more quarterly payment to be made, businesses need to be ATO Super Stream compliant by 30 June 2016 or risk being penalised by the ATO. Businesses with 20 or more employees should already by ATO Super Stream compliant.
Please contact Toni Brunsgard of our office on 9387 5637 for any assistance you may require in ensuring you are Super Stream ready.