SmartCompany, Wednesday, June 22 2016
Small businesses have been granted a short reprieve for adopting SuperStream, with the Australian Tax Office extending the compliance deadline for the scheme to October 28.
While the ATO says more than 450,000 small businesses are already up to speed with their SuperStream requirements, the tax office says it recognises other small businesses need additional time to make the required changes.
SuperStream requires employers to make super contributions for their employees electronically in a standard data set. Until this week, businesses were expected to be compliant with the system by June 30.
“Through the ATO’s ongoing engagement with small businesses, we understand some need more time to implement their SuperStream solution or to work with a SuperStream expert to find a solution that suits their needs,” said ATO deputy commissioner James O’Halloran in a statement provided to SmartCompany.
“The ATO will not be taking compliance action against small businesses who miss the 30 June deadline 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.”
The move has been welcomed by the SMSF Association, which said in a statement today the ATO should be applauded for taking a flexible approach to small business’s superannuation arrangements.
“Extending this deadline is an acknowledgement that some small businesses do need extra time and assistance to implement the changes required to become SuperStream compliant, especially as the end of the financial years is particularly busy,” said SMSF Association chief executive Angela Slattery.