In an update that could affect brokerages that classify as small businesses as well as SME clients of major brokerages; ATO warns that time running out to meet super payment compliance with a quarter of small businesses risking non-compliance.
Small businesses need to start paying their superannuation contributions in the new and mandatory electronic standard called SuperStream. The 28 October deadline is in days meaning small businesses, those with 19 or fewer employees, have just one super guarantee payment date left.
The Australian Taxation Office’s (ATO) Assistant Commissioner, Nicole Dykstra warned those small businesses paying super who have not transitioned to SuperStream yet – whether it be the business owner, partner, accountant or bookkeeper – cannot ignore the deadline any longer.
“The ATO is pleased that more than 75 per cent of small businesses are already SuperStream compliant however, there is still a way to go to ensure everyone has made the switch,” Ms Dykstra said.
“If small businesses haven’t adopted SuperStream by the deadline, they are at risk of being non-compliant.
“The ATO provided a four-month period of compliance flexibility for small businesses that were unable to meet the original 30 June deadline however; we will not be granting any further extensions for businesses who have not implemented SuperStream.
“Setting up SuperStream is a one off task and while initial set up may take some time, in the long run, it can provide considerable time savings for businesses that pay super to multiple funds.”