08 Jun 2016
With less than one month until the deadline for SuperStream
compliance, one-third of Australian small businesses (SMEs) are still
running a risk of potentially not complying with the Australian
Taxation Office (ATO) regulations.
The SuperStream is legislation is aimed at improving the efficiency
of the superannuation system. Under SuperStream, employers must make
super contributions on behalf of their employees by submitting
payments and reporting electronically in a consistent and simplified
Whilst all employers are required by law to comply with this
legislation by the 1st if July this year, MYOB’s latest Business
Monitor research of more than 1000 Australian SMEs found that one
quarter were unaware of the deadline, 17 percent of operators had not
yet complied and 13 percent were unsure.
This figure was the highest amongst construction and trade
businesses with an overwhelming 31 percent of SMEs in this industry
not having complied with the ATO’s SuperStream requirements.
When asked why operators had not yet met the SuperStream
obligations, more than a quarter (27%) of SMEs found the process
confusing, and a further 23 percent felt they did not have enough
“SuperStream is the law for SMEs from 1 July, and it’s concerning to
see so many at risk of non-compliance with the deadline just a few
weeks away. Employers need to be taking action now to ensure they get
their implementation right by 30 June,” says James Scollay, MYOB
General Manager of SME Solutions.
“The great thing about SuperStream is that it really simplifies
workflows so, when customers move to the latest version of any MYOB
payroll product they will have the tools to be fully complaint and, in
many cases, will also be able to spend less time dealing with employee
data issues and fund queries and reduce the cost of processing
contributions and payments.
Businesses that are looking for more information on this should talk
to their Accountant or Bookkeeper as they will be able to inform
operators what’s required to be compliant and help them make any
necessary changes to their systems and processes” says Mr.
Businesses need to be ATO SuperStream compliant by 30 June 2016. For
more information about meeting these requirements, click here.
For further comment or other information please contact:
Saba Chowdhury, MYOB PR Manager
M: +61 400 300 913 / E: firstname.lastname@example.org
Louise Halloran, Account Manager, Ogilvy PR
P: 02 8437 5357 / M: +61 407 044 727 / E: email@example.com
MYOB Group Ltd (ASX: MYO) is a leading cloud based business
management solutions provider. It makes business life easier for
approximately 1.2 million businesses across Australia and New Zealand
by simplifying accounting, payroll, tax, practice management, CRM, job
costing, inventory and more. MYOB provides ongoing support via many
client service channels including a network of over 40,000
accountants, bookkeepers and other consultants. It is committed to
ongoing innovation, particularly in cloud computing solutions, and in
2015 was awarded the BRW award for the most innovative large company
for 500+ employees and placed 2nd in BRW’s Most Innovative Companies
Award list across all categories nationally. For more information,
visit http://investors.myob.com.au/Investors or
follow @MYOB on Twitter.
About the MYOB Business Monitor
After six years of conducting the MYOB Small Business Survey we've
enhanced it to better reflect the profile of Australian businesses.
We've now incorporated medium businesses, along with the sole traders
and small businesses that were already part of the survey. We're
pleased to present the new look MYOB Business Monitor.
The MYOB Business Monitor is a national survey of over 1000 Australia's business owners (and directors) conducted twice a year by Colmar Brunton.