The Australian Tax Office has warned small businesses that time is running out to start paying superannuation contributions in the new and mandatory electronic standard called SuperStream.
SuperStream is the new mandatory way employers must make super contributions on behalf of their employees. It involves employers sending all super payments and employee information electronically in a standard format.
Those employers that are still paying their super by cheque must move to the electronic solution to make super contributions.
Small business employers have until this Friday – 28 October 2016 – to become compliant. Small businesses who have failed to adopt SuperStream by this deadline are at risk of being non-compliant.
To become SuperStream compliant, businesses must first choose an option that suits their business, such as a payroll system that meets the SuperStream standard, a messaging portal, a super clearing house or their super fund’s online system.
Once an option is selected, businesses may need to collect new information from their employees and update records, and then they will be ready to start using SuperStream.
