SuperStream Compliance deadline fast approaching

SuperStream – Compliance deadline fast approaching!

The ATO is reminding medium and large employers that the timeframe for SuperStream compliance runs out on 31 October 2015.

The ATO previously announced it would allow employers (with 20 or more employees) an additional four months to adopt SuperStream, following the 30 June 2015 deadline.

With the extended deadline only days away, the ATO says it will soon turn its attention to identifying those employers not yet complying with SuperStream requirements.

The ATO have been working with stakeholders to identify areas where employers may need additional guidance to become SuperStream compliant.

The ATO have advised that they will continue to provide support to those making a genuine attempt to get ready as they want to ensure all employers are able to start using SuperStream and benefit from the time and cost savings.

Employers with more than 20 employees who are not going to make the 31 October deadline should advise the ATO of their implementation plans. Advice on how to provide this information is available on the ATO’s SuperStream website.

Over 350,000 employers nationwide have made the switch to SuperStream to make their super contributions.

With the majority of medium and large businesses already using SuperStream, all remaining employers are urged to make sure they have plans in place to adopt SuperStream now.

If employers are not making a genuine attempt to implement SuperStream, penalties may be applied.

Small employers (with 19 or fewer employers) have until 30 June 2016 to finalise their SuperStream implementation.