Attention Small Business Owners: An update on SuperStream
Employers must be SuperStream ready by the 30 June 2016 deadline. The Australian Government has made changes to the way employers make super contributions.
So what is SuperStream? ?
The Australian Government has made changes to the way employers make super contributions. This new initiative is called SuperStream. SuperStream is a standard for processing superannuation data and payments electronically. This means employers can make all their contributions in a single transaction, even if they’re going to multiple super funds.
Who does it effect?
Employers with more than 19 employees, self-managed super funds and APRA-regulated funds will need to comply with SuperStream requirements.
It takes a little time to set up, but over a quarter of a million employers who have made the change are already enjoying (on average) a 70% reduction in the time they spend on super. That equates to approximately 1.5 hours each cycle! If you haven’t done so already your options to get ready include:
- upgrading your current payroll software
- using your super fund’s online system
- using a messaging portal
- using a clearing house (like the ATOs free Small business superannuation clearing house).
The time to become SuperStream compliant is fast approaching. Please contact your Highview Accountant if you have any questions or require assistance.
Source: www.ato.gov.au