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The ATO has issued a warning to small business owners, advising those yet to implement Super-Stream to act now.
Super-Stream involves employers to send all superannuation payments and employee details electronically in a standard format. Using it will be mandatory from 1 July, 2016.
According to the tax office, nearly 35% of small business owners are still not Super-Stream ready.
ATO deputy commissioner said that implementing the Super-Stream set-up and using it prior to the 30 June deadline is doable, nonetheless emphasised the need to start now.
“The super industry is ready to help, so initiate contact and open the conversation with a Super-Stream expert,” says Mr O’Halloran.
Mr O’Halloran urged those advising small business owners to ensure their clients are ready for the impending deadline.
“Accountants and bookkeepers can provide this expert Super-Stream advice,” he said.
“Support is also available from the super fund, payroll system provider, messaging portal provider or by communicating your super clearing house. You don’t have to work it out alone.
“If you’re worried as you don’t operate electronically, or you only pay super to a few employees, be assured that there is a Super-Stream solution to suit every business.”
Setup is a one off job, and once done, using Super-Stream for each payment cycle is simple.
Contact BookSmart Accountants Cranbourne today at 1300 300 106 to get Super Stream ready