SuperStream for Employers
The SuperStream standard was introduced on the 1st of July 2014.
It’s a new way for all employers to make super contributions electronically.
SuperStream simplifies how contributions are made, providing a new electronic standard for sending linked data and payments.
This means a more efficient super system, and an easier experience for you as an employer.
There are SuperStream solutions available to best suit your business needs so you should assess your options now.
You can also get professional assistance by talking to your accountant, business advisor or bookkeeper.
When you have decided which option is best for your business, set a target date in cooperation with your service provider.
SuperStream starts for medium and large employers from July 2014.
Providing you are making a genuine attempt to get ready, you have until the end of June 2015 to implement the changes.
If you leave it later, you run the risk of getting caught short.
For small employers, SuperStream starts in July 2015, and if you’re making genuine efforts to get ready you have until the end of June 2016.
Start early to realise the benefits of SuperStream sooner.
Preparing for SuperStream will take time so it is important to start preparing now.
You may need to collect some new information to make SuperStream contributions using SuperStream.
Once you’ve collected the new information, you’ll need to update your payroll records.
If you use payroll software, look for an update that is SuperStream ready.
If you are not already connected, you will need to arrange an online connection with your service provider or default fund.
Now you are almost ready to start, but you might want to undertake a trial first.
Once you have completed the simple steps you have just seen, you should be ready to make your first SuperStream contributions.
For more information on how to prepare your business for SuperStream, including a simple to follow checklist, visit ato.gov.au/superstreamchecklist or talk to your service provider.
Click here to find out more about SuperStream
The above extract was obtained from the ATO Website.
