ATO (Australian taxation office) urged business owners to adopt SuperStream by end of October 2016. or they will come and be knocking your door.
According to ATO
SuperStream is the way businesses must pay employee superannuation guarantee contributions to super funds. With SuperStream money and data are sent electronically in a standard format.
Source : https://www.ato.gov.au/Super/SuperStream/
With the superStream
- Single transaction can be complete the contribution
- It is faster and efficient
- people can be more reliably linked to their super, reducing lost accounts and unclaimed monies.
James O’Halloran told smart companies website. there are close to 500,000 small businesses are already using SuperStream.
If you are unsure about the SuperStream, please contact your accountant and get everything sorted before the end of this October 2016.
So.. don’t be wait. get onboard with SuperStream and make faster super payments and keep Tax Man away 🙂
