Are you SuperStream ready? It starts from 1 July 2016 for small employers

25-Feb-2016

If you are an employer with 19 or fewer employees, you must meet the SuperSteam legislation by 30 June 2016. SuperStream is a standard for processing superannuation data and payments electronically. Manual payments to super funds will no longer be accepted.

Under the SuperStream legislation, employers are required to make super contributions electronically following a set format. This new system will significantly reduce employers’ time and costs for meeting their super obligations.

If you have not yet made the change, please speak with your payroll service provider, accounting professional or super fund to help you find a solution that best suits your business needs. We recommend making your first SuperStream payment for the March 2016 quarter. This will give you time to ensure your system is running smoothly before the deadline.

The benefits of using SuperStream:
• You can make all your contributions in a single transaction, even if the payments are going to multiple
   super funds.
• It is a more accurate and efficient method as all data will be already entered into your payroll system
  and your super will be paid in just a few clicks. 
• Easy to manage and monitor your superannuation obligations.

As a small employer, there are a few options you can choose from to meet the SuperSteram standards:
• Using a payroll system that is SuperStream ready. E.g. MYOB, Xero, EDP, Saasu
• Your superfund’s online system. 
• Small Business Super Clearing House (only if your turnover is less than $2 million a year with 19
  or less employees). This is a free service provided by the ATO 
• Other paid third party online system.

So if you are an employer and not yet SuperStream ready, you need to start acting now as the system requires a bit of time to set up. For more information please refer to the  ATO website below:
https://www.ato.gov.au/super/superstream/employers/employer-checklist--a-step-by-step-guide/#Superclearinghouse

Contact us now to see how our accounting experts can help.

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