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Employers and SMSFs must prepare for SuperStream Are you ready?

 

With the June 2015 deadline fast approcahing for medium to large employers to be SuperStream compliant, the ATO is urging employers to act now to ensure they are SuperStream ready.

For 'small employers' with 19 or fewer employees, SuperStream starts from 1 July 2015 and they have until 30 June 2016 to be ready (though they can start using SuperStream earlier, if possible).

The ATO has also reminded employees of these taxpayers who are members of a self-managed super fund (SMSF), that they have the same deadline.

For SuperStream to work efficiently, employees with SMSFs must provide relevant e-commerce details to their employer so they can update their payroll system.

This information includes the SMSF’s:

- Australian Business Number (ABN);

- bank account details; and

- electronic service address.

By 30 June 2015, SMSFs must be able to receive employer contributions electronically in the SuperStream format if their members work for a medium or large employer. 

In the event that an SMSF member fails to provide this information to their employer in time for the employer to get ready, the employer may request that the employee completes a new choice form.

Therefore, the ATO recommends that SMSFs provide these details to their employer at least 30 days prior to the date the employer will start sending contributions using SuperStream, to allow enough time for the employer to manage the changes and ensure the SMSF has no interruption in maintaining their contributions flow.Our team is happy to assist you with becoming SuperStream compliant. Contact us if you need assistance.

Our team is happy to assist you to be prepared for SuperStream.

2014 Online Selling Data Matching Program

The ATO will request and collect, from eBay Australia & New Zealand Pty Ltd (which operates www.ebay.com.au), online selling data relating to between 15,000 and 25,000 individuals that sold goods and services of a total value of $10,000 or more for the period from 1 July 2013 to 30 June 2014.

This acquired data will be electronically matched with certain sections of ATO data holdings to:

- identify individuals and businesses selling goods and services via the online selling site who may not be complying with registration, reporting, lodgment and payment obligations under taxation law, particularly those with undeclared income, and incorrect lodgment and reporting for GST; and

- enable the ATO to be more strategic in its approach to determine appropriate educational and compliance strategies to encourage voluntary compliance for taxpayers in the online selling market.