ATO urges action on SuperStream obligations
The ATO has urged large and medium-sized employers to prepare for the fast-approaching SuperStream deadline to avoid compliance issues.
All employers with 20 or more employees are required to comply with SuperStream by 30 June 2015, the ATO stated.
Philip Hind, ATO’s national program manager, data standards and e-commerce, SuperStream, has warned employers not to leave it too late to meet their SuperStream obligations.
“Don’t wait until the end of the financial year to get ready,” Mr Hind said. “We recommend employers start using SuperStream one to two payment cycles before the deadline to allow them to become comfortable using the new standard before it becomes compulsory on 30 June 2015.
“For employers who pay quarterly, there are only two payment dates before 30 June 2015, so we strongly urge these employers to ensure they have a SuperStream solution in place as soon as possible.”
Approximately 30,000 SuperStream-compliant contributions are being processed each week through an induction process, the ATO reported.
Mr Hind previously said SMSF trustees who do not have their arrangements in place well ahead of deadline could run into potential compliance issues.
“It is important that trustees get in place the arrangements sooner rather than later and certainly not leave it until the last minute,” Mr Hind said.
“They are likely to run into problems with getting it complete on time, or not being able to implement and then they are going to face the potential non-compliance issues.”