The Australian Taxation Office has warned Australian businesses that time is running out to comply with the new electronic super contributions regime.
Large and mid-sized businesses will need to become SuperStream compliant by 31 October 2015 or face penalties, said the ATO.
Philip Hind, ATO national program manager, data standards and e-commerce (SuperStream), said that although 90 per cent of employers now use SuperStream, from 1 November the ATO will focus on those who have been identified as non-compliant.
“Of course, our preference is to ensure all employers are able to start using SuperStream and benefit from the potential time and cost savings, but deliberate non-compliance will inevitably attract our attention," Mr Hind said.
“Our focus is to help employers adopt SuperStream, but if employers choose not to comply there may be penalties applied."
Mr Hind said that there are various options available for employers to adopt SuperStream, including upgrading payroll software and using a clearing house service on their default super fund’s portal.
“We’re hearing about employers who have experienced an enormous reduction in the amount of time it takes to process super,” said Mr Hind.
The ATO had previously pushed out the SuperStream deadline from 30 June 2015 for mid-sized businesses making genuine attempts to prepare for the new regime.
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