SMEs failing on key compliance requisite
MYOB research has revealed that as many as one third of Australian SMEs are still running the risk of not complying with the Tax Office regulations around SuperStream.
Under the SuperStream regulation, employers must make super contributions on behalf of their employees by submitting payments and reporting electronically in a consistent and simplified manner.
While all employers are required by law to comply with this legislation by 1 July this year, MYOB's latest Business Monitor research of more than 1,000 Australian SMEs found that one quarter were unaware of the deadline, 17 per cent of operators had not yet complied and 13 per cent were unsure.
MYOB said the problem was higher in some specific industries, including construction and trade businesses, with an overwhelming 31 per cent of SMEs in this industry not having complied with the ATO’s SuperStream requirements.
When asked why they have not yet met the SuperStream obligations, 27 per cent of SMEs found the process confusing, and a further 23 per cent felt they did not have enough information.
"SuperStream is the law for SMEs from 1 July, and it’s concerning to see so many at risk of non-compliance with the deadline just a few weeks away," said James Scollay, MYOB general manager of SME Solutions.
He warned employers need to be taking action now to ensure they get their implementation right by 30 June.
"The great thing about SuperStream is that it really simplifies workflows so, when customers move to the latest version of any MYOB payroll product, they will have the tools to be fully compliant and, in many cases, will also be able to spend less time dealing with employee data issues and fund queries and reduce the cost of processing contributions and payments," Mr Scollay said.
"Businesses that are looking for more information on this should talk to their accountant or bookkeeper as they will be able to inform operators what’s required to be compliant and help them make any necessary changes to their systems and processes."