Is your business ready for SuperStream?
Posted 03 Jun 16
For businesses employing less than 20 people, the 30 June end of the SuperStream transition period is looming large. Less than one month remains to move to the new system, so cross it off your to-do list now.
While it does take some time to set up, the ATO is reporting that more than 250,000 businesses have already made the change and are enjoying a 70% reduction in time they spend on employee super – about 1.5 hours each pay cycle.
What is SuperStream?
SuperStream offers employers with a simple and consistent way to make super contributions, register new employee super accounts and lodge relevant data electronically.
It is part of the Federal Government’s Stronger Super reform package, and is designed to improve the back office of superannuation in Australia, making it more effective and efficient.
Ultimately, employers are responsible for ensuring that their business is set up on SuperStream by 30 June. The process can be a bit tricky so we are here to help.
The ATO has published this useful step-by-step guide to help you get up to speed with SuperStream.
If you are having trouble, please don’t hesitate to get in touch and we can help you through the process. It is imperative that your business is up and running on SuperStream by the deadline, so don’t hesitate to get in touch now.