THE AUSTRALIAN Taxation Office has embarked on an information campaign to assist the 12,000 small employers in the metals and engineering sectors required to comply with its new SuperStream superannuation payment process by the June 30 deadline.
SuperStream is billed as a new, streamlined and simplified process for employers to make super contributions on behalf of their employees.
Employers with more than 20 employees (about 3,000 employers in the metals and engineering sector) should have been using SuperStream since October 2015, while small employers with less than 19 employees have until the end of this financial year to comply.
Philip Hind, the Australian Taxation Office’s national program manager for Data Standards & E-Commerce (SuperStream), said the ATO will be sending important information to registered business owners over coming weeks.
“There are many options available to get ready for SuperStream and I encourage those responsible for making superannuation contributions to ensure that they ready for the 30 June 2016 compliance deadline,” Hind said.
“The ATO’s employer checklist is a great place to start, or speak with your service provider, whether it is your accountant, bookkeeper, payroll provider, clearing house or super fund, they can help you become SuperStream compliant.
“We’re hearing positive feedback from those that have already implemented SuperStream. Employers who previously had to make contributions to multiple funds are telling us what used to take hours has now been reduced to minutes.”
The ATO is hosting webinars on Wednesday 10 February and Tuesday 8 March to assist employers, accountants, BAS agents, bookkeepers and all else responsible for paying superannuation for metals and engineering businesses.