Less than 90 days to go until Superstream deadline for small business

According to the ATO, more than 60% of Australia’s small businesses are already on board with SuperStream. If your business is not one of them, you’ve got less than 90 days remaining to get it done.

Small employers (19 or fewer employees) must meet the SuperStream standard by 30 June 2016. Larger employers should have been using SuperStream since 31 October 2015.

With the 30 June 2016 rapidly approaching, we are encouraging small businesses to become SuperStream ready. This must be a priority!

SuperStream is a standardisation of how employers make super contributions on behalf of their employees, and involves employers sending all super payments and employee information electronically in a standard format.

This means you can make all your contributions in a single transaction, even if they're going to multiple super funds.

According to the ATO “Some small business owners, who are currently using SuperStream, have reportedly cut time spent on super processing by around 70 per cent each cycle.”

There are a number of options your business can choose to become SuperStream ready. These include:

• Using a payroll system that meets the SuperStream standard
• A superfund’s online system
• A super clearing house or a messaging portal. 

You may find your existing accounting software (Xero, MYOB etc) has the capability with or without an upgrade to your subscription.

By taking action now, employers can use the coming months to set up SuperStream, ensure things are running smoothly and avoid any last minute stress as the 30 June deadline approaches.

Further information can be found at [https://www.ato.gov.au/Super/SuperStream/Employers/]

If you need any assistance in determining the best option for you, or in setting it up, then please be in contact with our Maxim team to discuss further on (02) 4925 1000.

 

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