Are you aware that from 1 July 2016 all employers must report and pay superannuation contributions electronically to their employees via the new ATO standard? This process will be known as SUPERSTREAM
How do these changes affect you? Employers will now have to comply with SuperStream. This involves changing your current payroll system that meets this standard, or use the Small business superannuation clearing house.
What if you don’t comply? Employers who fail to meet super guarantee payments automatically become personally liable for a penalty equal to the unpaid amount of super payable to your employee. The ATO may issue a Director Penalty Notice to start legal proceedings in order to recover the unpaid super.
How does SuperStream change this? Superstream provides more transparency as to when employers pay super or do not pay super, making it easier for non-compliant employers to be identified and prosecuted.
How can Lister Mason help? Please attend our Seminar covering all aspects of the new legislation. The seminar will be held on Thursday 25th February 2015 at Gymea Tradies.
Don’t ignore this topic as ALL BUSINESSES ARE EXPECTED TO COMPLY and THERE ARE PENALTIES IF YOU DON’T COMPLY!