The decision by the Australian Tax Office (ATO) to extend the deadline for small businesses to become SuperStream compliant has been welcomed by the SMSF Association.
SMSF Association Managing Director/CEO Andrea Slattery says the ATO is to be applauded for adopting a flexible approach to the 30 June 2016 deadline by giving small businesses a few more months to become compliant.
“Extending this deadline is an acknowledgement that some small businesses do need extra time and assistance to implement the changes required to become SuperStream compliant, especially as the end of financial year is particularly busy.
“Once again the ATO has demonstrated it is willing to work with all superannuation sector participants, including employers, to deliver the best outcome.”
The ATO has announced it will give small businesses until 28 October 2016 to be SuperStream compliant.
Slattery says the Association is “totally supportive” of SuperStream as it benefits both employers and employees. “There are recognised time savings and lower administrative costs for employers and for employers, many of whom are trustees or members of self-managed super funds, they are getting their super contributions faster and with greater certainty.”
About the SMSF Association:
The SMSF Association is the authoritative voice for the self-managed superannuation fund sector. The Association, which represents professionals providing a range of services across various disciplines in the complex area of SMSFs as well as engaging trustees to become better educated and informed. The SMSF Association is an advocate for the highest professional standards and competence to ensure SMSF trustees always receive the best possible advice.
Contact for interviews:
SMSF Association Managing Director/CEO
M: 0417 898 317
M: 0409 585 979