With only two quarters left until SuperStream becomes mandatory, the Australian Taxation Office (ATO) is encouraging small businesses to cross SuperStream off their ‘to-do’ list ahead of the 30 June deadline.
SuperStream is the new way of making super contributions. Under SuperStream, employers must send super contributions electronically in a standard format, with linked data and payments. This system becomes mandatory for small employers (those with 19 or fewer employees) on 30 June 2016. Businesses with 20 or more employees should already be using SuperStream.
According to the ATO, over a quarter of a million small businesses have already adopted SuperStream. Once set-up, they say SuperStream is reducing the time these small businesses spend on super by around 70%.
So how do you make the change and ensure your system is running smoothly before the deadline?
Choose an option
You need to choose your SuperStream option. That may be your payroll software, your super fund’s online payment system, or a clearing house such as the ATO’s Small Business Superannuation Clearing House.
If December and January mark quieter periods for your business, now would be a great opportunity to check that your SuperStream option is ready. You can ask us for help with this.
Collect employee information
Collect the necessary employee identification data – being your employees’ TFNs and their funds’ unique super identifiers (USIs). Your employees can find their fund’s USI on their super statement or by calling their fund. You can also find these details using the ATO’s Super Fund Lookup website.
We suggest that you enter the data into your system ahead of the next quarterly due date on 28 January.
Start using SuperStream
Start using SuperStream as soon as possible. That way, you have time to check that things are running smoothly before the 30 June deadline.
Get more information
If you aren’t sure how to prepare for SuperStream please feel free to contact us. The ATO have also provided the following resources to help small businesses get ready: