SuperStream, the ATOs new, streamlined process for small business owners with 19 or fewer employees, which came into effect on 1 July, provides a consistent and simplified way for employers to make super contributions on behalf of their employees.
Under SuperStream, those responsible for paying super contributions for manufacturing businesses will be able to pay super to multiple super funds through one channel – saving time and money.
According to the ATO, over 350,000 employers nationwide, including around 250,000 small employers, have already made the switch.
Philip Hind, the Australian Taxation Office’s National Program Manager, Data Standards & E-Commerce (SuperStream), said the ATO is assisting the manufacturing industry over the coming weeks, sending important information to registered business owners via email, text message, contacting relevant industry associations and holding dedicated SuperStream webinars.
“There are many options available to get ready for SuperStream and I encourage those responsible for making superannuation contributions to ensure that they ready for the 30 June 2016 compliance deadline,” he said.
“The ATO’s employer checklist is a great place to start, or speak with your service provider, whether it is your accountant, bookkeeper, payroll provider, clearing house or super fund, they can help you become SuperStream compliant.
“We’re hearing positive feedback from those that have already implemented SuperStream. Employers who previously had to make contributions to multiple funds are telling us what used to take hours has now been reduced to minutes.”
The ATO is also hosting webinars to help employers, accountants, BAS agents, bookkeepers and anyone responsible for paying superannuation for manufacturing businesses.
The webinars will be held on Wednesday 10 February and Tuesday 8 March.
The ATO step-by-step checklist to help employers prepare can be found at www.ato.gov.au/SuperStreamChecklist. Employers can register to attend a webinar at www.ato.gov.au/SuperStreamwebinars.