SuperStream Compliance Date for Small Business Extended
The ATO has recognised that some small businesses need extra time to become SuperStream compliant.
Because of this, the ATO has announced it will provide flexibility to small businesses that are not SuperStream ready until 28 October 2016. These businesses were previously expected to be SuperStream compliant by 30 June 2016.
“The ATO will not be taking compliance action against businesses who miss the 30 June deadline and will continue to work to support them to get ready for SuperStream,” Says ATO Deputy Commissioner James O’Halloran.
Mr O’ Hallaran says that the businesses that have already implemented SuperStream are seeing the benefits; including a 70% decrease in the time they spent meeting super obligations.
Although the ATO has extended the deadline, you should not leave SuperStream compliance to the last minute. If you have employees you should be using Cashflow Manager GOLD Version 10 now, so that when the time comes for your SuperStream submission, everything is already in place.
Businesses that need help getting ready for SuperStream can check out our Checklist for Small Business Employers.