Referring back to my previous post on SuperStream, the Australian Taxation Office (ATO) have extended the deadline for small businesses to 28 October, 2016.
Many small business have already implemented the changes, but some small businesses needed extra time and the ATO have agreed to provide compliance flexibility to those small businesses who are not yet ready for SuperStream.
If this is you, I encourage you to take action now in making the necessary changes to your small business to be ready by this extended deadline.
Some options to become SuperStream ready include:
- using a payroll system that meets the standard
- using a superannuation fund’s online system; and
- using a superannuation clearing house (such as the ATO’s Small Business Super Clearing House known as SBSCH)