SuperStream makes super easier. All employers must use SuperStream when lodging and paying super and we will tell you how. Until now making super payments for employees has involved lodging and paying to different super funds, taking several hours to complete. SuperStream is here to change that, making the job easier, quicker and better.
SuperStream data is in a standardised format so it can be transferred reliably across the super system – between employers, funds, service providers and the ATO. This means:
Employers can make all their superannuation contributions in a single transaction, even if they’re going to multiple superannuation funds.
Super contributions and rollovers can be processed faster, more efficiently and with less mistakes.
Individuals can be more reliably linked to their superannuation, reducing lost accounts and unclaimed money.
With SuperStream, super payments are electronic; you can pay all your employees super and send them information through one system, saving you time and effort. To get started you need to make an account to do Super electronically, these include your payroll system, your super fund system or a super clearing house. You can also ask an experienced accountant or bookkeeper to help you with one of these options. Check that your option is SuperStream ready.
Next you need to collect key information on your employees including their TFN and a unique super identifier(USI). Once you have all the information enter it into the system, finally you should start using SuperStream from 1st July, 2016 so you can ensure everything is running smoothly and you can enjoy the benefits.
Many employers are paying super in just minutes. If you have 19 or less employees you must be SuperStream ready by 30th of June 2016 or if you have 20 or more employees you should be using SuperStream now. If you would like more information please click on the link: www.ato.gov.au/Super/Superstream/Employers/Employer-checklist–a-step-by-step-guide/
You can also give us a call us on 1300 300 106 to discuss SuperStream in detail and how it can benefit you and your business.