SuperStream - What You Need to do Before 28 October 2016
With SuperStream becoming mandatory in less than a week, small businesses are being urged to prepare ahead of the 28 October 2016 deadline. We have previously sent communications dealing with required actions however, if you haven't done so already, there a few steps you need to take to ensure you are SuperStream compliant
1. Choose an option that suits your business
To use SuperStream you need to pay super and send employee information electronically. To ensure this is done in the required format, you can use:
If you are unsure of which option to choose or whether your business is already compliant, you can use the ATO's decision tree to guide your decision.
Note - If the only contributions you make are personal contributions for yourself, or contributions to a related self-managed super fund (SMSF), you do not need to use SuperStream as these are exempt.
2. Collect information and update your records
You will need to collect the following information from your employees and enter it into your system:
- Tax file number (TFN)
- Super fund ABN
- Unique superannuation identifier (USI)
Employees can find their fund's ABN and USI on their latest super statement or by calling their fund.
3. Start using SuperStream
Small businesses with 19 or fewer employees should be SuperStream ready by 28 October 2016.
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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.