From 1 July 2016, it will be compulsory for all employers to submit their super payments and the accompanying data electronically.
Super Stream is a new Government reform to improve the efficiency of the superannuation system and has certain requirements.
What do I need to do?
You make one bulk payment and the funds will be distributed to each super fund; saving you time when paying your employees’ superannuation payments. This means no more making individual payments to super funds.
When does Super Stream commence?
If you are a small employer (19 or fewer employees) you have until 30 June 2016 to meet the Super Stream requirements.
What are my options for meeting Super Stream?
Employers have options for meeting Super Stream which include using software that conforms to Super Stream; or using a service provider who can meet Super Stream on your behalf.
If you are using Xero, they have been super stream compliant since November 2015. So all you need to do is ensure your employee’s superannuation details are correct and you can easily pay your employees superannuation with a few clicks of the mouse.
Information on how to process super stream through Xero.
I don’t use Xero or an online accounting package.
If you don’t have payroll that is Super Stream compliant you can make contributions in the following ways.
- Use a super clearing house
- If your turnover is less than $2 million you can use the ATO’s free Clearing house.