Stop Press! The ATO extends the deadline for SuperStream

Brisbane Business Accountant - October calendar new superstream deadline

In a welcome fit of flexibility, the Australian Taxation Office has allowed an extension for small businesses to adopt SuperStream. They’ve extended the deadline from 30 June 2016 to 28 October 2016.

According to the ATO, nearly half a million small businesses are already online with SuperStream. However, the ATO says it recognises others need more time to get organised.

SuperStream requires employers to report and pay super contributions electronically in a standard format.

“The ATO will not be taking compliance action against small businesses who miss the 30 June deadline …” said the ATO in a press release. “… we understand some need more time to implement their SuperStream solution or to work with a SuperStream expert to find a solution that suits their needs.”

The Self Managed Super Fund (SMSF) Association released a statement praising the ATO for taking a flexible attitude to small business superannuation compliance. The statement went on to say, “Extending this deadline is an acknowledgement that some small businesses do need extra time and assistance to implement the changes required ….”

So, if you’ve been rushing to set up SuperStream amongst all of your other EOFY activities, you can now take a deep breath and relax – at least for a short while.