If you’re running a small business and employing fewer than 20 people, it’s now time to get up to speed about the Australian Government’s latest superannuation initiative, SuperStream. Under SuperStream, you need to pay super contributions for your employees electronically (EFT or BPAY) and send the associated data electronically.
Most software packages now offer this service and failing that, you can use the Superannuation Clearing House or your default superfund’s online system
As a small employer, you need to use SuperStream from 1 July 2016. In order to be compliant. There are a number of steps you need to take and ATO have come up with a handy and easy to follow checklist at Employers’ SuperStream Checklist.
As part of the Government’s Stronger Super reform, SuperStream is a set of reforms that are intended to improve the “mechanics” of employer super contributions. SuperStream is now providing a more streamlined and consistent way of making super contributions, registering super accounts for new employees and providing relevant data.
One of the major benefits of SuperStream, is that employers will now be able to make a single transaction when paying super into multiple super funds. For some of you this will translate into significant reduction in time and save on processing costs as a result.
You are also likely to experience fewer mistakes in making super payments, saving you time spent in fixing them and responding to queries from super funds. For most, SuperStream will mean a faster and easier allocation of super to your employees’ accounts.