The Australian Tax Office is reminding small businesses in the aesthetics industry employing 19 or fewer employees that they need to start paying their superannuation obligations via SuperStream.
SuperStream is the new standard (as of July 1) for all businesses, which involves making super contributions to multiple funds electronically in one transaction, saving time and money – and stress.
In order to make the change, employers should choose an option that best fits their business, such as upgrading payroll software, engaging with their tax agent or bookkeeper, or using a clearing house.
Super funds will also have a range of ways they can help employers make the change.
Over 250,000 employers nationwide, including around 150,000 small employers, have already made the switch.
Philip Hind, the ATO’s National Program Manager, Data Standards and E-Commerce (SuperStream), says the ATO is assisting the pharmacy and cosmetics industry over the coming weeks, sending important information to registered business owners via email, text message, contacting relevant industry associations and holding a dedicated SuperStream webinar.
“There are many options available to get ready for SuperStream and I encourage those responsible for making superannuation contributions to ensure they are ready for the June 30, 2016 compliance deadline,” he says.
“The ATO’s employer checklist is a great place to start, or speak with your service provider, whether it is your accountant, bookkeeper, payroll provider, clearing house or super fund, they can help you become SuperStream compliant.
“We’re hearing positive feedback from those that have already begun implementation. Employers who previously had to make contributions to multiple funds are telling us what used to take hours has now been reduced to minutes.”
The ATO is hosting a webinar to help employers, accountants, BAS agents, bookkeepers and anyone responsible for paying superannuation for pharmacy and cosmetics businesses on Tuesday, October 13.
The webinar is part of an intensive communication campaign and series of events being held across multiple industries where the ATO is explaining the changes and what it means for employers.
The deadline to implement SuperStream in businesses with 19 or fewer employees is June 30, 2016. For employers with 20 or more employees the deadline is October 31, 2015.
The ATO step-by-step checklist to help employers prepare can be found at www.ato.gov.au/SuperStreamChecklist