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Category: Small Business / Superannuation / Tax

Almost a quarter of small businesses risk super non-compliance: ATO

Monday, 17 Oct 2016 07:02:04 | Michael Janda

The ATO has already provided a four-month period of compliance flexibility. (ABC News)

The Australian Taxation Office is warning the near-quarter of small businesses that have yet to sign up to SuperStream that they risk non-compliance.

Key points:

  • Small businesses have until October 28 to be SuperStream compliant
  • More than 75 per cent of businesses are now compliant
  • ATO warns there will be no extensions for businesses that fail to comply

SuperStream is a new mandatory electronic reporting standard for superannuation payments to staff designed to streamline administration, making it quicker and easier for funds and, the ATO said, also for employers.

The ATO gave small businesses (those with less than 20 staff) a four-month period of "compliance flexibility" from the original June 30 deadline.

However, the ATO has warned that this period runs out in less than two weeks, on October 28, and many small businesses have yet to sign up.

"The ATO is pleased that more than 75 per cent of small businesses are already SuperStream compliant, however, there is still a way to go to ensure everyone has made the switch," said ATO assistant commissioner Nicole Dykstra.

"If small businesses haven't adopted SuperStream by the deadline, they are at risk of being non-compliant."

The ATO has warned that it will not grant any individual extensions for businesses that have not implemented SuperStream by October 28, given the blanket four-month extension that was already granted.

However, Ms Dykstra said the SuperStream system should end up saving many small businesses administration time and costs in the long run.

"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," she added.

The ATO has provided an information sheet and a step-by-step website to assist businesses determine whether they are already SuperStream compliant and what they need to do if they are not

AustraliaPlus


 

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