News & Views

Do you know about SuperStream? Not sure where to start?

By now you have probably heard of SuperStream, but might be wondering what it means for your business, or what you need to do to prepare.

But first, let’s look at a few facts and figures… 9 out of 10 Australian employers make super contributions to more than one fund, and typically these funds have differing requirements for accepting these contributions. This inconsistency contributes to the fact that employers spend, on average, 50-100 hours per year (in house) on super contribution issues.

SuperStream eliminates this inconsistency in how super contributions are made through the introduction of a new standard. Under SuperStream, you will send super contributions electronically in a standard format, with linked data and payments.

Put simply, SuperStream streamlines the process for employers when making contributions. It provides a simpler, consistent method of preparing contributions, and in many cases, a single channel for interacting with multiple funds. You can expect that payment processing costs will be reduced by removing cheques and unnecessary variation in payment methods between funds.

All employers will need to adopt SuperStream. Your start date depends on a number of factors, including employee numbers.

The earlier you adopt SuperStream the sooner you will reap the benefits. SuperStream for employers with 20 or more employees started in July but employers have until 30 June 2015 to implement the changes.

For smaller employers (with 19 of fewer employees) SuperStream starts on 1 July 2015. Small employers can start early but have until 30 June 2016 to have adopted SuperStream. These employers can also use the free Small Business Superannuation Clearing House to make their super payments and meet SuperStream requirements.

You don’t need to prepare for SuperStream alone – your tax professional, default fund or payroll provider can help.

The ATO’s Philip Hind will be talking SuperStream with Angela Vithoulkas on small business live radio Eagle Waves on 30 October. Tune in between 4.30 and 5.30pm at http://www.eaglewavesradio.com.au/

The ATO has also put together a handy step-by-step checklist to get you started and this video to find out how you can get ready for SuperStream.

By now you have probably heard of SuperStream, but might be wondering what it means for your business, or what you need to do to prepare.

But first, let’s look at a few facts and figures… 9 out of 10 Australian employers make super contributions to more than one fund, and typically these funds have differing requirements for accepting these contributions. This inconsistency contributes to the fact that employers spend, on average, 50-100 hours per year (in house) on super contribution issues.

SuperStream eliminates this inconsistency in how super contributions are made through the introduction of a new standard. Under SuperStream, you will send super contributions electronically in a standard format, with linked data and payments.

Put simply, SuperStream streamlines the process for employers when making contributions. It provides a simpler, consistent method of preparing contributions, and in many cases, a single channel for interacting with multiple funds. You can expect that payment processing costs will be reduced by removing cheques and unnecessary variation in payment methods between funds.

All employers will need to adopt SuperStream. Your start date depends on a number of factors, including employee numbers.

The earlier you adopt SuperStream the sooner you will reap the benefits. SuperStream for employers with 20 or more employees started in July but employers have until 30 June 2015 to implement the changes.

For smaller employers (with 19 of fewer employees) SuperStream starts on 1 July 2015. Small employers can start early but have until 30 June 2016 to have adopted SuperStream. These employers can also use the free Small Business Superannuation Clearing House to make their super payments and meet SuperStream requirements.

You don’t need to prepare for SuperStream alone – your tax professional, default fund or payroll provider can help.

The ATO’s Philip Hind will be talking SuperStream with Angela Vithoulkas on small business live radio Eagle Waves on 30 October. Tune in between 4.30 and 5.30pm at http://www.eaglewavesradio.com.au/

The ATO has also put together a handy step-by-step checklist to get you started and this video to find out how you can get ready for SuperStream.