The deadline is looming for smaller businesses who are not already using the government’s Superstream initiative. The new, standardised processing method for handling superannuation payments is now active, and the sooner a businesses can start using the standard the better. Businesses with 19 or fewer employees must be compliant with the system by June 30th of this year; businesses with 20 or over were required to be compliant since the October 31st 2015.
This initiative aims to make the superannuation more efficient and more effective. It hopes to reduce the time spent resolving employees’ super queries, increase the speed with which payments can be sent and received, and simplify the process of paying super itself. It also hopes to reduce the number of Australians losing track of their accounts that regularly results in missing and unclaimed super.
We are here to guide you through the process: if you are not yet up-to-date, we can advise you as to the best course of action. If you are not already in line with these standards, you may be subject to penalisation from the Australian Taxation Office. To ensure you are not penalised, you should check that your method by which you sending super and employee details is compliant using the SuperStream Certified Product Register available as a PDF on the ATO website.
For assistance with this matter, the ATO recommends contacting your accountant, as well as using the resources made available on their website.Mead Partners are fully-equipped to deal with any queries you may have– do not hesitate to get in touch with us as the deadline gets closer.
DISCLAIMER: The above information is general in nature, and must be tailored to your personal circumstances. The information is provided as a guide only.