Now that the financial year has ended, businesses are busy completing various payroll obligations. Key dates to remember are:
- Prepare and provide Payment Summaries to employees by 14th July 2016
- Lodge the annual PAYG Payment Summary Statement to the ATO by 14th August 2016 (note that 30th September or Due Date of tax return lodgement may instead apply to some employers). You can use the ATO’s paper forms, or an electronic file generated by your payroll software.
- Pay SG Superannuation contributions for the June quarter prior to 28th July 2016.
- Businesses in the building and construction industry need to report the total payments they make to each contractor for building and construction services for the year by 28th August 2016.
SuperStream is now compulsory to all employers. From 30th June 2016 small employers (19 or fewer employees) join larger employees and must now meet the Super Stream standard, meaning:
- Choose a method to pay super and send employee information electronically: If you’re already doing this, you may only need to refine your system to send the contribution data in the standard format. You can use a payroll system that meets the SuperStream standard, your superfund’s online system, a super clearing house, or a messaging portal.
- Collect information & update records: you may need to collect additional information from employees to ensure you have their fund’s ABN & fund Unique Superannuation Identifier (USI). For employees with a SMSF you will also require the fund’s bank EFT details and Electronic Service Address.
- Use SuperStream: Use your chosen electronic method, and no longer use paper forms or cheques. Note that the ATO will provide compliance flexibility to Small businesses that aren’t yet ready until 28th October 2016.
If the only contributions you make are personal contributions for yourself, or contributions to a related self-managed super fund (SMSF), you don’t need to use SuperStream because these are exempt contributions.
If you do require assistance with lodgements or the SuperStream standard you are welcome to contact our office.
Contributed by: Kyra Gonsal