The SuperStream deadline has been pushed out by four months, with the Australian Taxation Office making allowances for mid-sized employers that are making "genuine attempts" to prepare for the new electronic super contributions regime.
Large and mid-sized employers that are not 'SuperStream-ready' by June 30 will have an extra four months to comply, said the ATO.
ATO national program manager for data standards and e-commerce (SuperStream), Philip Hind, said the tax office understands some businesses are unlikely to make the upcoming compliance date and will need more time.
While the ATO will not take compliance action against employers with 20 or more employees that miss the deadline, it will be "working closely" with employers to provide "education and support".
"Those employers making genuine attempts to get ready will be offered some flexibility to become fully SuperStream compliant in the coming months," Mr Hind said.
"Where necessary, we will work with employers having difficulties to help them transition to the new requirements."
"Tens of thousands" of employers have already implemented SuperStream, he said.
"Many employers have already committed to become SuperStream ready, with the number of SuperStream contributions made each month already surpassing the one million mark. This will continue to grow as more employers come on board," Mr Hind said.
"Once fully implemented, SuperStream will provide employers with a consistent process for making super contributions. In many cases, this will enable them to submit a single contribution for their employees rather than have multiple interactions in different formats previously required by each fund."
"SuperStream for small employers with 19 or fewer employers starts from 1 July 2015," the ATO noted. "The ATO is part-way through a series of regional events around the country to explain the changes and what it means for local employers."
SUBSCRIBE TO THE IFA DAILY BULLETIN
23 Jan 2018Advisers challenged by geopolitical climate: reportBy Staff Reporter
23 Jan 2018ASIC to shadow shop mortgage brokersBy Annie Kane
22 Jan 2018Consumers less confident buying insurance onlineBy Staff Reporter
22 Jan 2018Hub24 announces platform enhancementsBy Staff Reporter
22 Jan 2018FPA responds to FPEC criticismBy Aleks Vickovich
19 Jan 2018AFA to host international adviser group AGMBy Staff Reporter
- view all