More than 450,000 small businesses have become SuperStream compliant ahead of the 30 June deadline. If your businesses will struggle to adopt the new payment standard in time, don’t worry: the ATO has announced it is extending the deadline by four months.
Deputy Commissioner James O’Halloran said small businesses that need extra time to become SuperStream compliant will not be punished for missing the 30 June deadline. Instead, they will be given until 28 October to implement a SuperStream solution that suits their needs – and the ATO will continue to offer a helping hand.
“Many businesses that have taken the time to find a SuperStream solution and have it up and running are experiencing the benefits, including an average time saving of 70 per cent in meeting their superannuation obligations,” O’Halloran said.
“This is also great news for the 88 per cent or more than 10.5 million employees who are now receiving their super contributions in their accounts much quicker and with greater certainty due to SuperStream.”