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Use SuperStream to Cut Super Admin by 70%
Did you know that SuperStream is cutting the time small businesses spend on super administration by around 70%?
With 2016 on the horizon, the Australian Taxation Office (ATO) is encouraging small businesses to cross SuperStream off their ‘to-do’ list ahead of the 30 June deadline and reduce time spent on super administration.
With only six months left until SuperStream becomes mandatory, now is the time for small businesses to make the change and ensure their system is running smoothly before the deadline.
According to the ATO, over a quarter of a million small businesses have already adopted SuperStream. Once set-up, SuperStream is reducing the time they spend on super by around 70%. Depending on the size of the business, this means saving anything from about 1.5 hours to a whole day’s effort each payment cycle.
If December and January mark quieter periods for your business, now is a great opportunity to check that your SuperStream option is ready.
Importantly, you should collect the necessary employee identification data – being your employees’ TFNs and their funds’ unique super identifiers (USIs) – and enter it into your system ahead of the next quarterly due date on 28 January. That way, you have time to check that things are running smoothly before the deadline.
Your employees can find their fund’s USI on their super statement or by calling their fund. You can also find these details using the ATO’s Super Fund Lookup website.
The ATO provides the following links to help small businesses get ready:
What is SuperStream?
SuperStream is the new way of making super contributions. Under SuperStream, employers must send super contributions electronically in a standard format, with linked data and payments.
SuperStream becomes mandatory for small employers (those with 19 or fewer employees) on 30 June 2016.
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