By the end of this month, SuperStream will become mandatory for all employers. If you’re yet to cross SuperStream off your to-do list, now’s the time.
Simply put, as of 30 June 2016, all Australian employers need to be using SuperStream to pay their employees’ super.
A recent report has shown that 1 in 3 Aussie small businesses are still not SuperStream compliant – less than one month out from the deadline.
MYOB research has revealed that many Australian SMEs are still running the risk of not complying with the ATO regulations around SuperStream.
On average, SuperStream reduces the time employers spend making super payments by approximately 70 per cent (1.5 hours) each cycle!
This relieves a major time burden for employers and reduces inefficiencies in ‘back office’ processing. It will:
- Improve the quality of data in the system
- Allow the use of Tax File Numbers (TFNs) to be the primary account locator
- Improve the way funds-to-fund rollovers are processed and the way contributions are made
- Creates a simpler and more consistent way of making contributions.
If you aren’t already using SuperStream for your business, you need to choose an option to make your super contributions electronically. Your options include:
- Upgrading your current payroll software
- Using your super fund’s online system
- Using a messaging portal
- Using a clearing house.
Ask your accountant for help choosing the right super contribution option or to ensure the option you’ve chosen is compatible with SuperStream.
What you need to do
The next step is to collect your employees’ TFNs and their funds’ Unique Super Identifiers (USIs).
Once you have these, you are able to enter the information into your system ahead of the next quarterly due date on 28 January.
Watch the video below on how to get started.
Alternatively, you can use the employer checklist on the ATO website for a step-by-step guide on all you need to do.
If you have 19 or fewer employees, you have until 30 June to get ready. If you’ve got 20 or more employees, you should already be using SuperStream.
If you’d like advice around SuperStream, please speak with your MWM Advisory accountant.