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SuperStream deadline looming for SMEs
Small and medium businesses only have until the end of next month to meet the Australian Taxation Office's SuperStream deadline.
The October 31 deadline is looming for Australian businesses.
Meeting regulatory and compliance measures are vital for Australia's businesses if leaders want to avoid hefty fines and other penalties. As such, accounting and finance professionals must be aware of the upcoming deadline in relation to SuperStream.
SuperStream is an important part of the government's Super Reform package, which aims to streamline superannuation data and payments. This is designed to save time and avoid costly data entry errors.
According to the Australian Taxation Office (ATO), more than 90 per cent of small and medium businesses are already using the new software to drive productivity, but getting the remaining 10 per cent on board remains a challenge.
The original deadline for SuperStream was June 30, but with many employers not ready for the switch, this was extended by a further four months. As such, October 31 is when all small and medium businesses must be SuperStream compliant.
ATO National Program Manager of Data Standards and E-Commerce (SuperStream) Philip Hind said there could be consequences for businesses that aren't ready at the end of next month.
"From 1 November we will be focussing on employers who have been identified as non-compliant with SuperStream," he said.
"Of course, our preference is to ensure all employers are able to start using SuperStream and benefit from the potential time and cost savings, but deliberate non-compliance will inevitably attract our attention."
In a June SmartCompany article, Mr Hind noted that around 15,000 to 20,000 businesses were struggling to meet the original deadline, so extending it would provide a better chance of compliance.
Depending on the scope and size of the business, the ATO is working to identify where compliance help is required over the next month or so until the deadline.
Ethos Corporation is an Australian owned Executive Recruitment Consultancy specialising in the $120k - $400k candidate market.
By Andrew McPherson