As we hurtle towards the end of the financial year, we are also fast approaching the 30 June 2016 deadline for SuperStream.
If you’re a 542 client, you needn’t worry – you’re more than likely already using Xero’s free, easy-to-use clearinghouse software, which complies with SuperStream, if you haven’t enabled this feature or aren’t sure if you are using this, make sure you speak to us to get it enabled.
If you haven’t yet adopted SuperStream now is a good time for businesses to get on board and experience the benefits first-hand.
Not sure what SuperStream is? Check out all you need to know here.
So far, over 250,000 Australian small businesses have adopted SuperStream. SuperStream is reducing the time employers spend on super by around 70% – or 1.5 hours – each cycle, on average. And the ATO reports of those small businesses that have implemented SuperStream so far they’ve collectively saved up to $50 million per year.
Setting up SuperStream
Step 1: Choosing an electronic contribution option
- To get started choose an option to make super contributions electronically.
- These include: your payroll system (like Xero), you super fund’s online system or a super clearing house.
- Not sure what option to take? Ask your accountant or bookkeeper to help you with one of these options.
Step 2: Check that your option is SuperStream ready.
Step 3: Collect information
- Next, you need to collect key information on your employees, including their tax file number and a unique super identifier
Step 4: Get started!
- Once you have all the information, enter it into your system.
- Start using SuperStream as soon as possible so you can ensure everything is running smoothly and enjoy the benefits.
If you have 19 or fewer employees, you must be SuperStream ready by the 30th of June 2016.
To learn more about getting ready for SuperStream watch the video below.
Watch the super stream video here:
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