The date by which Australian Prudential Regulation Authority (APRA)-regulated superannuation funds need to incorporate SMSF rollovers into SuperStream data has been extended by a further six months until late 2021. More information on SuperStream is available via this link to the ATO's website. “While APRA encourages trustees to comply with the requirements as soon as possible, APRA does not expect failure to comply with these requirements to be reported as a breach prior to 30 September 2021,” the ATO stated. This is a summary of the data to be provided to a super fund when making contributions under the SuperStream standard on behalf of an employee. He has covered financial services since 1999 and has written about life insurance, superannuation, investment management and financial advice, in both a freelance and in-house capacity, and also did a brief stint as a media manager for an industry association. provide flexibility to small businesses that are not SuperStream ready, Small Business Bookkeeping Deadly Sin #9: Trying to use Programs that Require you to Understand Bookkeeping, Easy accounting software frees up your volunteers’ hands, 4 Ways Your Small Business Can Work Smarter, Top Tips for Keeping Healthy in the Workplace, Small Business Bookkeeping Deadly Sin #7: Not Recording Enough Information About Transactions, How to Make the Most of Twitter in your Small Business, ATO announces simpler BAS reporting for Small Business, 6 small business tips to get your invoices paid fast, 4 Ways to Avoid Small Business Payroll Mistakes. Your email address will not be published. Businesses must now be ATO SuperStream compliant What is SuperStream? SuperStream compliance statement – employers and SMSFs Under SuperStream, employers need to pay super contributions for their employees electronically and … It uniquely offers both online and print publications tailored separately for SMSF professionals and individual trustees participating in the fastest growing and largest sector of the superannuation industry. You can use a payroll system that meets the SuperStream standard, your superfund’s online system, a super clearing house, or a messaging portal. Last … If you have employees you should be using Cashflow Manager GOLD Version 10 now, so that when the time comes for your SuperStream submission, everything is already in place.

The start date was to be 31 March 2021, but the ATO stated it and the prudential regulator have been in contact with APRA-regulated funds, advising them of the two organisations’ support for a longer transition period. All Rights Reserved. Digital Agency Melbourne. Businesses that need help getting ready for SuperStream can check out our Checklist for Small Business Employers. The ATO has recognised that some small businesses need extra time to become SuperStream compliant. The ATO has recognised that some small businesses need extra time to become SuperStream compliant.

Although the ATO has extended the deadline, you should not leave SuperStream compliance to the last minute. As such, it is a must read for those wanting to stay informed about the latest news, regulatory developments, technical strategies, investments, compliance, legal and administration issues concerning SMSFs. employers) the changes will be effective from 1 July 2015. Jason is a senior journalist with Benchmark Media and writes for the selfmanagedsuper website and magazine and smstrusteenews website. This step-by-step guide will help employers choose a SuperStream solution to suit their business. Level 10, 48 Hunter Street We’ve made SuperStream compliance super easy Our accounting software comes with SuperStream compliance built in, making it simple to meet the ATO's requirements. SuperStream is a Government reform aimed at improving the efficiency of the superannuation system. Sydney NSW 2000. selfmanagedsuper is the definitive publication covering Australia’s SMSF sector. “Earlier today [10 August] the ATO wrote to large super fund trustees to advise of ATO and APRA support for an extension to the transition period that funds have to move to version three of the SuperStream rollover message from 31 March 2021 to 30 September 2021,” it said. We are proud to be partnered with B1G1, We give to people in need, one sale at a time. Required fields are marked *, Most owners of small businesses have never had any formal training on double entry accounting. August 11, 2020.

Proposals to extend the operation of SuperStream to capture SMSFs were first put forward in July 2018 and regulations tabled before parliament in October 2018, at which time the original start date was put forward as 30 November 2019. “The ATO will not be taking compliance action against businesses who miss the 30 June deadline and will continue to work to support them to get ready for SuperStream,” Says ATO Deputy Commissioner James O’Halloran. SuperStream compliance date pushed out.

If the only contributions you make are personal contributions for yourself, or contributions to a related self-managed super fund (SMSF), you don’t need to use SuperStream because these are exempt contributions. If you have Cashflow Manager GOLD or Wages Manager Version 10 and want to know how to get started with SuperStream, watch the video below or check out the Wages Manager section in our Support Library. But unfortunately... read more, Most small business owners start out with a tight budget, trying to do everything themselves, and working 16 hour... read more, Keeping healthy at work after sitting at your desk for over 8 hours a day, is a challenge. who employ 20 or more employees (‘medium to large’. Because of this, the ATO has announced it will provide flexibility to small businesses that are not SuperStream ready until 28 October 2016. Click to share on Twitter (Opens in new window), Click to share on Facebook (Opens in new window), Click to share on LinkedIn (Opens in new window), regulations tabled before parliament in October 2018, This date was pushed out to 31 March 2021 in the 2019 federal budget, regulations released and passed by parliament in August 2019. It must be used by employers, self-managed super funds and APRA-regulated funds.

For all the latest from Charman Partners & industry news, For employers with fewer than 20 employees (‘small’. All items identified as mandatory must be provided to the super fund. become compliant. For employees with a SMSF you will also require the fund’s bank EFT details and Electronic Service Address. SuperStream is now compulsory to all employers, Prepare and provide Payment Summaries to employees by, Lodge the annual PAYG Payment Summary Statement to the ATO by, Pay SG Superannuation contributions for the June quarter prior to, Businesses in the building and construction industry need to report the total payments they make to each contractor for building and construction services for the year by. The reforms are effective from 1 July 2014 for employers. Contribution data for SuperStream. These businesses were previously expected to be SuperStream compliant by 30 June 2016. Now that the financial year has ended, businesses are busy completing various payroll obligations.  Key dates to remember are: SuperStream is now compulsory to all employers.  From 30th June 2016 small employers (19 or fewer employees) join larger employees and must now meet the Super Stream standard, meaning: If the only contributions you make are personal contributions for yourself, or contributions to a related self-managed super fund (SMSF), you don’t need to use SuperStream because these are exempt contributions. Collect information & update records: you may need to collect additional information from employees to ensure you have their fund’s ABN & fund Unique Superannuation Identifier (USI). Note that the ATO will provide compliance flexibility to Small businesses that aren’t yet ready until 28. One of... read more, Volunteers are the lifeblood of any not for profit organisation and without them things just wouldn’t happen. The ATO noted changes to incorporate SMSF rollovers into the SuperStream data and payment standards would still take effect from 31 March 2021, but no compliance activity would take place until after the later date. mail@charmanpartners.com.au(03) 9878 8200© Charman Partners 2015. With deadlines to meet – which now includes STP... read more. SuperStream is a standard for processing superannuation data and payments electronically. These businesses were previously expected to be SuperStream compliant by 30 June 2016. Super funds have been given an extra six-month grace period in which to comply with requirements to accept SMSF rollovers via SuperStream. It... read more, It’s not just receipts, bank statements and computer records small business owners take to their accountants at tax time.... read more, This week we were fortunate enough to listen to a webinar run by Nick Bowditch, Twitter Australia’s SME Brand... read more, One of the biggest complaints from small businesses has been that there are a lot of forms for them... read more, Cash is vital for small businesses – to pay their staff, to purchase stock, meet their tax obligations and... read more, Payroll is a daunting task for any small business owner. High call volumes may result in long wait times.

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