BMO is offering a free seminar to all small businesses to find out more about adopting the SuperStream system, which all employers must have in place before the 30 June deadline or risk facing serious penalties.
BMO Partner Michelle McVeigh said she was concerned to hear reports that around 40% of small businesses are still not yet using the SuperStream system.
“We know that many local business owners have expressed some confusion about the requirements under SuperStream, so BMO decided to take action and invite Mark Stockwell, ATO Governance Leader for the SuperStream Program to our region to help guide businesses and answer questions about the program.”
The new ATO system requires all employers to submit Superannuation Guarantee data and payments electronically. Employers with more than 20 employees have been using the system for nearly a year now, but those with less than 20 employees will need to be using the new procedure by 30 June.
Mrs McVeigh said there were essentially three options for employers to become compliant – a bookkeeping or payroll system that is SuperStream compliant, an accountant or payroll provider that can process it all on your behalf, or a clearing house which enables employers to make their contributions electronically to the individual super funds in one transaction.
“We encourage employers to come along to our breakfast, or contact their accountant or HR/Payroll advisor to get advice on the method that is best suited to their business. You should start implementing the new system sooner rather than later, so that you have time to test it all before the deadline hits.”
The SuperStream Breakfast at BMO is being held on Friday 20 May. You don’t have to be a BMO client to attend this complimentary event. Full details including RSVP can be found here>>