ATO extends looming SuperStream deadline
Following research indicating SMEs are falling behind on their SuperStream obligations, the ATO has extended the deadline for small businesses to become SuperStream compliant.
The ATO has announced it will give small businesses until 28 October 2016 to comply with SuperStream.
SMSF Association managing director and chief executive Andrea Slattery said 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," she said.
"Once again the ATO has demonstrated it is willing to work with all superannuation sector participants, including employers, to deliver the best outcome."
Late last week, MYOB research indicated that as many as one third of Australian SMEs were running the risk of not complying with the SuperStream regulations.
MYOB's Business Monitor research of more than 1,000 Australian SMEs found that one quarter were unaware of the previous 30 June deadline, 17 per cent of operators had not yet complied and 13 per cent were unsure of their obligations.
MYOB said the problem was higher in some specific industries, including construction and trade businesses, with an overwhelming 31 per cent of SMEs in this industry not having complied with the ATO’s SuperStream requirements.
When asked why they have not yet met the SuperStream obligations, 27 per cent of SMEs found the process confusing, and a further 23 per cent felt they did not have enough information.
By Katarina Taurian
Wednesday, 22 June 2016
smsfadviseronline.com.au
Hot Issues
- ATO encourages trustees to use voluntary disclosure service
- Beware of terminal illness payout time frame
- Capital losses can help reduce NALI
- Investment and economic outlook, August 2024
- What the Reserve Bank’s rates stance means for property borrowers
- How investing regularly can propel your returns
- Super sector in ASIC’s sights
- Most Popular Operating Systems 1999 - 2022
- Our investment and economic outlook, July 2024
- Striking a balance in the new financial year
- The five reasons why the $A is likely to rise further - if recession is avoided
- What super fund members should know when comparing returns
- Insurance inside super has tax advantages
- It’s never too early to start talking about aged care with clients
- Capacity doubts now more common
- Most Gold Medals in Summer Olympic Games (1896-2024)
- SMSF assets reach record levels amid share market rally
- Many Australians have a fear of running out
- How to get into the retirement comfort zone
- NALE bill passed by parliament
- Compliance focus impacts wind-ups
- LRBA interest rates increase for 2025
- Income-free areas set to increase from 1 July
- Most Spoken Languages in the World
- Middle-to-higher incomes boosting SMSF growth
- Investment and economic outlook, May 2024
- Transitioning into retirement: What you should know
- Plan now to take advantage of stage 3 tax cuts
- Deeming freeze a win for Age Pensioners
Article archive
- April - June 2024
- January - March 2024
- October - December 2023
- July - September 2023
- April - June 2023
- January - March 2023
- October - December 2022
- July - September 2022
- April - June 2022
- January - March 2022
- October - December 2021
- July - September 2021
- April - June 2021
- January - March 2021
- October - December 2020
- July - September 2020
- April - June 2020
- January - March 2020
- October - December 2019
- July - September 2019
- April - June 2019
- January - March 2019
- October - December 2018
- July - September 2018
- April - June 2018
- January - March 2018
- October - December 2017
- July - September 2017
- April - June 2017
- January - March 2017
- October - December 2016
- July - September 2016
- April - June 2016
- January - March 2016
- October - December 2015
- July - September 2015
- April - June 2015
- January - March 2015
- October - December 2014
July - September 2016 archive
- The gymnastics of keeping your portfolio balanced
- Market Update – August 2016
- Stop!! Don't do a paper Budget, use our online budgeting tools instead.
- Advisers the key to retirement stability, research shows
- The toughest tasks for self-managed super
- Lawyer warns on ‘adverse’ death taxes with insurance
- Don't get distracted by super changes
- A savings mirage?
- Market Update - July 2016
- The three biggest economic issues likely to affect markets in 2016
- SMSFs warned on looming property ‘tough times’
- Diversification counts when uncertainty beckons
- Strong economic data stablises markets
- Starting a super pension in 2016-17?
- Market Update - June 2016
- ATO extends looming SuperStream deadline
- ATO's deadline for review non-arm's length LRBAs extended
- A paradoxical relationship: The self-employed and super
- Fresh SMSF documentation warnings surface