By 30 June 2016, all businesses (regardless of the number of employees) need to be on board with SuperStream.
Briefly, SuperStream is a package of reforms that the Government has introduced to improve the processing of everyday super transactions. As an employer, you will need to pay super contributions for your employees electronically (via EFT or BPAY) and send the associated data electronically.
The data is in a standard format so that it can be transmitted consistently across the super system – between employers and funds, service providers and the ATO. The data is linked to the payment by a unique payment reference number. It means that you can make all your super contributions in one single transaction, even if they are going to multiple super funds.
There are a number of options your business can choose to become SuperStream ready. These include using a payroll system that meets the SuperStream standard, a superfund’s online system, a super clearing house or a messaging portal. This allows individual employers to select how SuperStream best fits into their business.
You may already use one of these options to pay super, and if so, you may only need to initiate a few simple changes in order to meet the SuperStream standard. You should contact your chosen SuperStream solution service provider for more information.
If you do not currently operate electronically, there is no need for concern, as there is a Superstream option to suit every business. For assistance or if you have questions regarding any of the above Pinnacle Tax and Accounting is here to help. Give us a call now on (02) 46557711 and we work with you to ensure that your business is SuperStream ready.