SuperStream is the ATO’s electronic and standardised reporting of the superannuation payment process, which allows employers to use one online channel to make employer contributions to multiple superannuation funds.
The deadline for compliance with SuperStream requirements was 30 June 2016. However, the ATO is allowing some ‘compliance flexibility’ to small businesses (19 or fewer employees) that are not yet ready to implement the SuperStream requirements.
Basically this means that while all businesses are technically required to comply with the new rules, the ATO will delay taking any compliance action against small businesses until 28 October 2016.
For more information about SueprStream visit the ATO website at https://www.ato.gov.au/Super/SuperStream/ or contact our office