SuperStream – 30 June 2016 Deadline
If you are an employer it’s important you know about some changes in the way you pay super and that you take action now.
SuperStream is a government reform aimed at improving the efficiency of the superannuation system. Under SuperStream, employers must make super contributions on behalf of their employees by submitting data and payments electronically in a consistent and simplified manner. SuperStream data is in a standard format so it can be transmitted consistently across the super system – between employers, funds, service providers and the ATO. The data is linked to the payment by a unique payment reference number.
- employers can make all their contributions in a single transaction, even if they’re going to multiple super funds
- contributions and rollovers can be processed faster, more efficiently and with fewer errors
- people can be more reliably linked to their super, reducing lost accounts and unclaimed monies.
By 30 June 2016, all employers need to use SuperStream when paying superannuation for their employees.
If you are not already paying super using SuperStream it’s important you get started soon. The next quarterly super payment cycle is due in April and that is a good opportunity for you to start using SuperStream so you can ensure everything is in place by the 30 June 2016 deadline.
There are a number of options you can choose to implement SuperStream, depending on what works best for your business.
Melanie and the team are always available to discuss the SuperStream changes and how they effect your business. Give us a call today with any questions on (02) 4962 2022.