Super industry falling behind on SuperStream
Figures released by the ATO have revealed there are almost 27,000 employers in the banking and finance, and insurance and superannuation industries yet to implement SuperStream.
ATO national program manager of data standards and e-commerce Philip Hind warned the superannuation and insurance industry that those “responsible for making contributions will need to ensure they are ready for the 30 June 2016 compliance deadline”.
Small businesses with 19 or fewer employees comprise 24,677 of the total employers yet to implement SuperStream, according to the ATO.
The ATO said that with more than nine out of ten employers in the banking and finance or insurance superannuation industries already using online banking, they should be familiar with making financial transactions electronically.
Mr Hind said the ATO will be assisting the insurance and superannuation industry over the coming weeks by sending important information to registered business owners, contacting the relevant industry associations and holding dedicated SuperStream webinars.
“The ATO is hosting webinars to help employers, accountants, BAS agents, bookkeepers and anyone responsible for paying superannuation for banking & finance and insurance & super businesses,” said Mr Hind.
“The webinars will be held on Wednesday 10 February and Tuesday 8 March.”
Miranda Brownlee is the deputy editor of SMSF Adviser, which is the leading source of news, strategy and educational content for professionals working in the SMSF sector.
Since joining the team in 2014, Miranda has been responsible for breaking some of the biggest superannuation stories in Australia, and has reported extensively on technical strategy and legislative updates. Miranda has also directed SMSF Adviser's print publication for several years.
Miranda also has broad business and financial services reporting experience, having written for titles including Investor Daily, ifa and Accountants Daily.