Medium and large-sized businesses now have more time to ensure they are SuperStream compliant after the Australian Taxation Office (ATO) extended the June 30 due date.
The ATO has announced that employers now have until 31 October 2015 to be SuperStream-ready, but remind employers that they should already be implementing the steps needed to comply with the reform to superannuation contributions.
“Those employers making genuine attempts to get ready will be offered some flexibility to become fully SuperStream compliant in the coming months,” Philip Hind, ATO’s National Program Manager, Data Standards & E-Commerce (SuperStream) said.
“Where necessary, we will work with employers having difficulties to help them transition-in to the new requirements.”
The ATO said there will be no action taken against employers who miss the 30 June deadline.
The ATO states that 9 out of 10 Australian employers are making contributions to more than one superfund, and SuperStream has been created to streamline the process.
The new process enables employers to send contributions electronically, with linked data and payments said to lower the 50-100 in-house hours that the average employer spends on matters relating to super contribution.
“Once fully implemented, SuperStream will provide employers with a consistent process for making super contributions,” Mr Hind said.
“In many cases, this will enable them to submit a single contribution for their employees rather than have multiple interactions in different formats previously required by each fund.”
SuperStream for small employers with 19 or fewer employers starts from 1 July 2015.