SuperStream has now started for small businesses. If your business has 19 or fewer employees, it’s time to get ready.
SuperStream is making super contributions super simple. It changes the way you pay super for your employees. Before SuperStream, it was common to hear from employers about how difficult and time consuming it is to make multiple super contributions to multiple super funds in multiple ways. For a lot of employers, paying super took hours. SuperStream standardises this.
SuperStream is about linking electronic payments and reporting. Under SuperStream employers are able to pay super to multiple super funds in one transaction. This should reduce the time it takes to pay super to minutes and reduce payment processing costs.
Superstream commences for employers with less than 20 employees on 1 July 2015 with all employers having to comply before 30 June 2016.
There are a variety of options for employers to adopt SuperStream. These may include upgrading payroll software, using a clearing house or the default fund’s portal.
Employers should talk to their payroll suppliers or default superannuation fund to ensure they have a compliant solution in place in time.
If your SMSF receives superannuation contributions from an employer for yourself or any other member it will have to be ready to accept an electronic message from medium to large employers by 30 June 2015 or from small employers by 30 June 2016.
To send contribution details to your SMSF, your employer will need your fund’s ABN, bank account and electronic service address. The electronic service address is different to a website address or an email address.
You can get an electronic service address through your SMSF provider or through a SMSF messaging provider.
Further details for employers are available on the ATO website and a checklist for employers is also available