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
Employers with 19 or fewer employees should be SuperStream ready by 30 June 2016 (larger employers should already be using SuperStream).
However, the ATO recommends making your first SuperStream payment no later than March 2016. This will give you time to make several payments and ensure your system is running smoothly before the 30 June 2016 deadline.
Starting sooner also means you can enjoy the benefits sooner.
It may take time to collect the information and get used to the new system. If any information is incomplete or incorrect, the super payment is likely to be rejected.
It’s still up to you to meet your super guarantee obligations by the due dates.
If you’re using a clearing house, check how long they will take to send the money and information to the super fund. Generally an employee’s super contribution is counted as being paid on the date the fund receives it, not the date a clearing house receives it from you.