Is your workplace ready to implement the new SuperStream standards for superannuation? Between now and July 1st, 2015, all employers making super contributions must begin submitting superannuation contributions and funds using the new SuperStream standards. Online payroll software and outsourced payroll services can help your business get SuperStream ready early so you start saving on payroll service costs immediately.
What is SuperStream?
SuperStream is a part of the government’s Super Reform package which aims to improve the efficiency of superannuation systems by providing a reliable electronic method of transacting data and payments for superannuation.
In short, SuperStream is a system that streamlines super processes in order to make them timely, efficient and consistent. This means speeding up the process time for rollovers and contributions and using reliable digital measures to track accounts in order to reduce the number of lost super accounts and unclaimed superannuation.
What does it mean for your business?
It means that businesses must make superannuation contributions for their employees electronically. All of the associated data must also be submitted electronically. It also means that super contribution payments can no longer be paid by cheque.
SuperStream simplifies the process of making payments by using a single channel for all funds, thereby reducing processing costs.
What does it mean for your employees?
SuperStream simplifies super processes and makes them consistent across the board to reduce the number of lost accounts and unclaimed money. This means it is harder to lose accounts and makes it easy for your employees to keep track of their super contribution payments.
How can you make sure you’re SuperStream ready?
As the Australian Taxation Office (ATO) puts it, “Every business is different, so there’s no ‘one size fits all’ approach to adopting SuperStream”. However, the ATO does recommend a few options to make sure your small business is SuperStream ready by July 1st, including:
- Upgrading your online payroll software
- Using outsourced payroll services
- Or using the ATO’s free online tool called the Small Business Superannuation Clearing House (SBSCH)
Any of the above options are suitable to ensure your small business is SuperStream compliant by July 1st. i3Group recommends making sure your workplace is SuperStream ready as early as possible to avoid waiting times at a last minute rush.
To find out how we can implement online payroll software that ensures your business is SuperStream ready, contact i3Group on 1300 725 647 today.