SuperStream

Back to News
Small BusinessSMSF & SuperannuationTax time / planning

SuperStream deadline is approaching

Get started now so you are ready by 30 June
If you are an employer it’s important you know about some changes in the way you pay super and that you take action now.

All employers need to use SuperStream when paying super. This means paying super and sending employee information electronically in a standard format.

If you are not already paying super using SuperStream it’s important you get started soon. The next quarterly super payment cycle is due in April and that is a good opportunity for you to start using SuperStream so you can ensure everything is in place by the 30 June 2016 deadline.

Watch to see how SuperStream makes
super simple for employers

 The ATO have provided this checklist in assisting you with all you need to know about SuperStream
 Please contact us if you have any questions about SuperStream

superstreamAre you an employer with less than 20 employees? Have you registered for SuperStream?

As at 30 June 2016 it will be compulsory for you to comply with the ATO’s new SuperStream standard for superannuation payments.

growth iconWhat is SuperStream?

SuperStream will require employers to lodge and pay superannuation electronically.

The ATO advises this system, through its standard format, will allow greater consistency between superannuation funds, employers, employees and the ATO.

It will allow for contributions:

  • to be made in a single transaction
  • processed faster, more efficiently & with less errors
  • to be more reliably linked to employees accounts & reduce lost super
house n car iconSuperStream requirements

Ensure your superannuation process is compliant – Superannuation contribution data and payments can be made through a compliant payroll system, your super fund’s online system, a super clearing house or a messaging portal.

Collect new information & update records – Ensure you have the following information for existing employees:

  • tax file number
  • super fund ABN
  • super fund USI

Ensure new employees complete a super standard choice form

Make SuperStream contributions

It is recommended that you make your first SuperStream contribution prior to 30 June 2016 to ensure your system is correct and compliant.

information iconMore information

ATO will be hosting free webinars to help employers understand SuperStream and the necessary steps to help prepare for the change. The webinars will run from 10 February 2016 to 1 June 2016 and you can register here.

Alternatively, you can listen to a recorded webinar and access the presentation here.

If require assistance or would like to discuss SuperStream with an accountant, contact Optima Partners today!

andrea-small1

 

 

ANDREA ALLEN

ACCOUNTANT – OPTIMA PARTNERS

 

Optima Partners offers support to all businesses. Whatever your requirements

For more information on how Optima Partners’ services can help your business, contact the team at info@optimapartners.com.au for a consultation.

Latest News

Increased Cost of Tax Debt: ATO Crackdown Continues
From July 1, 2025, the general interest charge (GIC) and shortfall interest charge (SIC) will...
SMSF Investment rules and options: A Comprehensive Guide
A self-managed super fund (SMSF) is a popular method of superannuation management that allows for...
Choosing the Best Client Accounting Software for Your Business
Good client accounting software is essential for business growth and improvement. The right software will...
Key Dates: February 2025
Here a few important dates to pencil into your February calendar. February 21: Lodgement...
15% Withholding on Property Sales: New Tax Rule for Australian Sellers in 2025
As of January 1, 2025, all Australian residents for tax purposes must provide a clearance...
Division 296: The future of self-managed super
On the final day of Parliament for 2024, the Senate moved to split the Treasury...
How to avoid common cash flow problems
Maintaining healthy cash flow is one of the most critical challenges for small businesses. Poor...
Key Dates: January 2025
Here are a few dates to pencil in for the new year. January 21:...
ASIC’s 2025 enforcement priorities: A compliance checklist
The Australian Securities and Investments Commission (ASIC) declared its 2025 enforcement priorities in November. ASIC’s...
Are you across the new wage theft and underpayment laws?
New wage theft and underpayments laws will go into effect in January 2025 as part...