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SuperStream has now started for small businesses. If your business has 19 or fewer employees, it’s time to get ready. SuperStream is a mandatory change for all employers. For small businesses with 19 or fewer employees, SuperStream began on 1 July 2015.
What is SuperStream?
SuperStream is making super contributions super simple. It changes the way you pay super for your employees. Before SuperStream, it was common to hear from employers about how difficult and time consuming it is to make multiple super contributions to multiple super funds in multiple ways. For a lot of employers, paying super took hours. SuperStream standardises this.
SuperStream is about linking electronic payments and reporting. Under SuperStream employers are able to pay super to multiple super funds in one transaction. This should reduce the time it takes to pay super to minutes and reduce payment processing costs.
This July to September quarter will be first quarter that all employers need to report superannuation payments through SuperStream. If your business has 19 or fewer employees, you can use ATO's free SuperStream resource called Superannuation Clearing House.
How to get ready
Please contact us to help you find the best solution that suits your business needs, and set up your super stream ready for your employee superannuation contribution in early October 2015. We can help you to set up SuperStream in ATO's FREE software Superannuation Clearing House.