The Federal Government announced last week that the timetable for businesses to comply with the new SuperStream method for submitting superannuation payments has changed. For the most part, many businesses will not be required to do anything until after 1 July 2015, however businesses are still encouraged to get on board as soon as possible.
Take a look at recent news about this change and the ATO website to know how you will be impacted by changes.
A new faster way to submit superannuation payments
SuperStream will be a big change for businesses, both big and small. It will mean that businesses will pay superannuation through a single digital channel, making processing payments simpler and faster.
To help businesses better understand what SuperStream is, and compliance obligations we’ve put together the What is SuperStream? Factsheet This factsheet includes details on timelines for different sized businesses, as well as how we’re changing Reckon software to help businesses comply.
Links to further reading on Supersteam
The ATO have passed onto to Reckon that Australian employers can expect to receive a lot more information about the change in coming months.
You’ll find a lot more detail about Superstream via these links below:
- The Australian Treasury outlines how Superstream is part of a raft of reforms designed to improve the productivity of the superannuation system; and
- The ATO website provides recent information for employers.
If you have any further questions related to Reckon products contact us or read our What is Superstream? Factsheet.