Many small to medium businesses are already SuperStream compliant. It has brought efficiency and standardisation to the process of reporting and paying superannuation contributions for their employees.
If you do not know about SuperStream or haven’t had time to look into setting it up, it's now crunch time. It is compulsory for all employers to be SuperStream compliant from 1st July 2016.
What is it?
SuperStream is a legal requirement to pay super contributions for your employees electronically (i.e. via Bpay or EFT) and report the associated data electronically in a standard format. From the 1st of July 2016 - this will apply to all employers even if you only have one employee.
How to comply?
The good news is that it is uncomplicated and can actually make your life easier as you only have to make one payment instead of several to the different funds your employees use.
There are a number of options you can choose to implement SuperStream. Depending on what works best for your business you can set up:
- Free ATO clearing house – created as a service for small business (ie. less than 20 employees), it is online and free
- Your employer preferred fund’s clearing house – all of the larger funds offer a clearing house option where you will report and pay all of the superannuation to them and they distribute it to the various funds, including self-managed super funds. There can be some associated costs but not usually if you have less than 20 employees
- Your accounting or payroll system may offer a SuperStream service – for example Xero and MYOB live both offer comprehensive internal SuperStream reporting and payment as part of the subscription through the payroll system.
Be ready!
The hardest part of switching to SuperStream is getting it set up. With the next quarter about to end it is a perfect time to get set up and use the March quarter super (due 28th April) as the test run.
We can help!
Our Business Accounting division are experts in all of the ways to set up SuperStream depending on your business needs and know what is required to get to up and going.
Send us an email today and we can book in some time to talk to you about your needs and the next steps to ensure you are ready for 30th June deadline.
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