SuperStream Deadline Extended
The ATO has announced it will extend the deadline for small businesses to be SuperStream compliant until 28 October 2016.
SuperStream is the way businesses must pay employer superannuation contributions to all super funds. It simplifies the process of paying superannuation contributions by transmitting money and information consistently across the super system between employers, funds and the ATO. This means:
- employers can make all their contributions in a single transaction, even if they’re going to multiple super funds
- contributions and rollovers can be processed faster, more efficiently and with fewer errors
- people can be more reliably linked to their super, reducing lost accounts and unclaimed monies
If you are unsure about your obligations please contact your accountant as soon as possible.