The Australian Taxation Office (ATO) has provided a reminder to businesses to implement SuperStream now.
The ATO website states that SuperStream requires employers to send all super payments and employee information electronically in a standard format.
Using SuperStream is mandatory from July 1.
The ATO website also states that more than 65 percent of small businesses are already using SuperStream, with many of these businesses already reporting an improvement on super payment processing times.
The ATO website lists four different options for business to transition to SuperStream–a payroll system that meets the standard, a super fund’s online system, a messaging portal or a super clearing house like the ATO’s Small Business Super Clearing House (SBSCH).
ATO Deputy Commissioner, James O’Halloron, emphasised that there is help available for businesses through the four aforementioned options and that there is a solution to suit every business.
More information on SuperStream can be found here.
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