What does SuperStream mean for me?
For businesses with 20 or more employees
Having a superannuation fund with a SuperStream product is mandatory for all employers making super contributions from 1 July 2015. From this date, you’ll be required to send super contributions electronically.
For businesses with fewer than 20 employees
You have 12 months from 1 July 2015 to make the transition to having a superannuation fund with a default SuperStream option.
Dates for your diary
1 July 2015. The SuperStream transition begins for business with less than 20 employees, it would be wise to begin making your payments electronically so as to realise the benefits sooner – after all, the early bird catches the worm.
Benefits of SuperStream
The ATO lists the benefits of SuperStream as:
- Better record keeping for tax or audits
- A reduction in data mistakes and payment errors
- One channel that distributes to multiple funds, making it easier to pay super for multiple employees
- More integration with payroll systems
Getting on top of what you are legally required to do and how to do it is important. As different businesses have different requirements it’s important to plan for your business’ migration to SuperStream.
The options for small businesses are varied:
- Use the free Small Business Superannuation Clearing House (SBSCH), designed to make superannuation payment processes easy and totally free – see here for more: SBSCH online superannuation payment service.
- Upgrading your current payroll software so that it is SuperStream ready. Check with your current provider if an upgrade is required.
- Find a service provider or clearing house who can assist and onboard your SuperStream compliance for you. Consult with your selected super funds for information and access to their clearing house service.