5 May 2016
Getting SuperStream Ready
With SuperStream becoming mandatory this quarter, employers are being urged to cross SuperStream off their 'to-do' list ahead of the 30 June 2016 deadline.
It takes a little time to set up, but over a quarter of a million employers who have made the change are already enjoying (on average) a 70% reduction in the time they spend on super. That equates to approximately 1.5 hours each cycle! If you haven't done so already your options to get ready include:
- upgrading your current payroll software
- using your super fund's online system
- using a messaging portal
- using a clearing house (like the ATOs free Small business superannuation clearing house).
We would of course be happy to assist you in getting ready.
An important part of SuperStream preparation is collecting your employees' TFNs and their funds' unique super identifiers (USIs). You then enter it into your system ahead of the next quarterly due date.
For more information and an easy to follow explanation, watch this ATO video on SuperStream.
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This Newsletter, of necessity, has dealt with matters of a technical nature in general terms only. Clients should contact us for detailed information on any of the items in the Newsletter. No responsibility for loss occasioned to any person acting or refraining from acting in reliance upon any material in this Newsletter can be accepted by any member or employee of the firm.