With less than 100 days until the 30 June 2016 deadline, the ATO is reminding Australian small businesses to get “SuperStream ready”.
SuperStream is the electronic superannuation contributions system which standardises how employers make super contributions on behalf of their employees. Large and mid-sized businesses needed to be SuperStream compliant by 31 October 2015 and small businesses (those with 19 or fewer employees) must be on board by 30 June 2016.
Over 60% of small businesses are already using SuperStream. If your business is not one of them, you need to get on board now.
Deputy Commissioner James O’Halloran says, ‘Most large and medium [size] employers are now compliant with SuperStream and more than half of all small businesses are SuperStream ready ahead of the 30 June deadline.’
A recent report, commissioned by the ATO to help measure the implementation benefits of SuperStream, found:
- Just under half of all employers who had implemented SuperStream said the key benefit was less time required to make super contributions
- One fifth said benefits were ‘less paperwork and cheques’
- 13 per cent said the process was ‘more efficient/easier’
- Just over 77 per cent indicated there were no significant barriers to implementation
- 63 per cent said the transition was ‘very easy’or ‘easy’
The system requires employers to send all super payments and employee information electronically in a standard format. There are several options your business can choose including using:
- your payroll software,
- your super fund’s online payment system,
- a clearing house such as the ATO’s Small Business Superannuation Clearing House, or
- a messaging portal.
If your business already uses one of these methods to pay super, as many businesses do, you might only need a few simple changes to meet the SuperStream standard. Even if your businesses doesn’t use one of these methods, getting ready for SuperStream may still be simpler than you think.
We recognise that businesses operate differently and that’s why there’s more than one SuperStream option to choose from. This enables individual employers to select how SuperStream best fits into your business.
If you’re worried you won’t be able to use it as you don’t operate electronically, be assured that there is an option to suit every business.
You can also use a third party, such as your bookkeeper or accountant, as they can pay your super using SuperStream on your behalf.
(Deputy Commissioner James O’Halloran)
Now is the time to start using SuperStream and check that things are running efficiently before the 30 June deadline.
Here are some further resources to help you get ready for SuperStream: