SuperStream confusing for SMEs

31 May 2016
| By Jassmyn |
image
image
expand image

With the looming deadline of 30 June, one-third of Australian small businesses (SMEs) are not SuperStream compliant, according to a cloud-based business management solutions provider.

MYOB's latest research found one-quarter were unaware of the deadline, 17 per cent of operators had not yet complied, and 13 per cent were unsure.

These figures were the highest amongst construction and trade businesses with 31 per cent of SMEs not compliant, the data said.

More than a quarter of operators who were not compliant said they found the process confusing, and 23 per cent felt they did not have enough information.

MYOB general manager of SME solutions, James Scollay, said: "SuperStream is the law for SMEs from 1 July, and it's concerning to see so many at risk of non-compliance with the deadline just a few weeks away".

"Employers need to be taking action now to ensure they get their implementation right by 30 June," he said.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest developments in Super Review! Anytime, Anywhere!

Grant Banner

From my perspective, 40- 50% of people are likely going to be deeply unhappy about how long they actually live. ...

1 year ago
Kevin Gorman

Super director remuneration ...

1 year ago
Anthony Asher

No doubt true, but most of it is still because over 45’s have been upgrading their houses with 30 year mortgages. Money ...

1 year ago

The future of superannuation policy remains uncertain, with further reforms potentially on the horizon as the Albanese government seeks to curb the use of superannuation ...

5 hours ago

Super funds had a “tremendous month” in November, according to new data....

4 days 4 hours ago

Australia faces a decade of deficits, with the sum of deficits over the next four years expected to overshoot forecasts by $21.8 billion....

4 days 9 hours ago