The ATO answers your SuperStream questions

ATO_letterhead

The government has changed the way employers need to pay and report on super contributions, it’s called “SuperStream.”

With the compliance deadline looming for larger employers, MYOB sat down with Philip Hind, the ATO’s SuperStream National Program Manager, and had him answer your most common questions in this series of short videos.

 

What is SuperStream?

SuperStream is a major Government reform. Employers will need to electronically pay and report employee superannuation contributions in a standard way.

 

Will businesses benefit from SuperStream?

SuperStream makes it easier for employers to pay and report employee super contributions to funds.

 

How can I be SuperStream compliant?

SuperStream makes it easier for employers to pay and report employee super contributions to funds.

 

Are there ATO penalties for not being SuperStream compliant?

There are penalties for non-compliance as SuperStream is a legislative requirement. That can include financial penalties.

 

What will happen if I’m not using a compliant service by the deadline?

The ATO is encouraging all employers to be using a SuperStream service by the compliance date. Penalties will not apply at this stage, if you have a compliance plan and are making a genuine attempt to comply.

 

What will the ATO accept as a compliance plan?

The ATO expects an employer to have begun steps to use a SuperStream compliant solution, and a start date for implementing their first contributions.

 

I’m on a compliance plan, when do I need to start using a SuperStream service?

Once you have a compliance plan, you should look to implement SuperStream compliant contributions at the next opportunity, for example the next quarterly contribution cycle.

 

I have issues with internet connectivity, what are my options?

There are many options available to companies that have internet connectivity issues. Online accounting software such as MYOB AccountRight provides employers the flexibility to work off or online.

 

Subscribing or upgrading your MYOB software will ensure your business is always compliant with tax changes, including the government’s new SuperStream system for paying super contributions.