As part of the government’s Stronger Super reforms, all businesses will need to adapt the way they make contributions to super funds. Submitting payments and employee data will be done online from the 1st July 2016 to help reduce the time and effort it takes to manage your super responsibilities.
SuperStream compliant processes are designed to prevent errors and oversights by providing better visibility when contributions get stuck along the line. These reforms will make it easier for all Australians to keep track of their super, resulting in fewer lost super accounts and easier ways to identify your employees when you make contributions. Download the ATO App today and find your lost super.
Many tens of thousands of small employers have already implemented SuperStream and are experiencing the benefits it brings with simpler processes and streamlined payments. If you are not already paying super using SuperStream it’s important you get started soon so you can ensure everything is in place by the 30 June 2016 deadline.
There are a number of options you can choose to implement SuperStream. Depending on what works best for your business you can choose to use:
- your super fund’s online system
- a clearing house
- a payroll system that is SuperStream ready
- a messaging portal.
Your accountant or bookkeeper may also be able to help you with a solution.
The ATO also offers the Small Business Superannuation Clearing House as a free online service that you can use. If you are already using this service, you can rest easy that you are SuperStream ready.
To assist you get ready, take a look at the step-by-step checklist on the link below. There is also a range of other information and tools available online.
Get started now so you are using SuperStream by 30 June 2016. Call Balance Books on 0411 555 136 to ensure your business is SuperStream ready!
Disclaimer: The advice contained in Balance Books blogs and newsletters is of a general nature only and may not apply to your individual business circumstances. For specific advice relating to your situation, please contact your Accountant or other professional adviser to discuss further.