SMSF – ATO finalises its position in relation to event-based reporting
After detailed consultation with the self-managed super fund (SMSF) sector, the ATO announced today that its i
Under SuperStream, you need to pay super contributions for your employees electronically (EFT or BPAY) and send the associated data electronically.
The data is in a standard format so it can be transmitted consistently across the super system – between employers, funds, service providers and the ATO. It’s linked to the payment by a unique payment reference number.
This means you can make all your contributions in a single transaction, even if they’re going to multiple super funds.
The deadline to be on board with SuperStream was 30 June 2016. However, the ATO will provide compliance flexibility to small businesses that are not yet SuperStream ready until 28 October 2016.
This means the ATO will not be taking compliance action against small businesses that missed the 30 June deadline.