By admin | 24 March, 2016

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

By admin | 6 March, 2016

Are 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.

What 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

SuperStream 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.

More 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 ALLEN

ACCOUNTANT – OPTIMA PARTNERS

Perth Chartered Accountant | Tax Accountants CPA

SuperStream