Despite the initial deadline of 30 June 2016, the ATO have provided small businesses with compliance flexibility until 28 October 2016 to get acquainted with SuperStream.
This means that as of 28 October 2016, all super contributions paid to your employees must be processed electronically via electronic funds transfer or BPAY, with the associated data also being submitted electronically.
What is SuperStream?
SuperStream will enable the super system to be ‘streamlined’ (pun intended) so that data can be transmitted effectively between the ATO, employers, funds and service providers.
The great thing about this is that you can take care of all your contributions in one simple transaction – even if they’re going to multiple super funds.
The ATO have more information about SuperStream on their website. Alternatively, feel free to contact our office where we can assist you with any queries you might have.