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Time Running Out to Get on Board SuperStream
A reminder to employers about SuperStream! Time is running out to make sure you are SuperStream ready.
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).
What is SuperStream?
Under SuperStream, you need to pay super contributions for your employees electronically (EFT or BPAY) and send the associated data electronically.
The data is in a standard format so it can be transmitted consistently across the super system – between employers, funds, service providers and the ATO. It’s linked to the payment by a unique payment reference number.
This means you can make all your contributions in a single transaction, even if they’re going to multiple super funds.
Is your business exempt from SuperStream?
There are no general exemptions for SuperStream. However, you don’t need to use SuperStream for:
- Contributions to your own self-managed super fund (SMSF) – ie if you’re a related-party employer – for example if you’re an employee of your family business and your super guarantee contributions go to your SMSF.
- Personal contributions – for example, if you’re a sole trader and you contribute to a super fund for yourself.
Unsure what you need to do?
The following link will take you to the ATO’s website where you will find more details about SuperStream, together with a step-by-step guide.
Of course, the team at McKinley Plowman are also available should you need additional assistance, contact us here.
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