The ATO says that over 1 million superannuation contributions are being made under the SuperStream standard each month, “marking a significant milestone,” and reminds small businesses to be prepared.
More than 50,000 employers are now using SuperStream, with many more to start following the 1 July 2015 start date for small business implementation of SuperStream.
“SuperStream improves the way employers pay superannuation by introducing a common standard for making payments that is completed electronically,” said Philip Hind, ATO’s National Program Manager, Data Standards & E-Commerce (SuperStream).
Large employers (20 or more employees) are expected to be fully SuperStream compliant by 30 June 2015. Small employers (19 or less employees) start implementing SuperStream from 1 July 2015.
“We’re impressed with the commitment of many employers to get SuperStream ready. We’re now seeing well over 1 million SuperStream contributions made each month and this will continue to grow in the lead-up to the 30 June deadline for medium-large employers. There will also be rapid increases in SuperStream contributions as small employers get on board,” Mr Hind said.
The ATO expects more than 25 million SuperStream transactions will be processed in the 2015/16 financial year.
Mr Hind said there was already indications of faster processing of superannuation contributions to member accounts, and cost and time savings for businesses.
“We know that making multiple super contributions to multiple funds has been a time consuming and often complex process for employers or their staff. Some employers have cut processing times from several hours to minutes once they have put SuperStream in place,” he said.
“There are many options available for employers to adopt SuperStream. This may include upgrading their current payroll software, using a clearing house service or their default super fund’s portal.”
Mr Hind urged employers to contact their payroll provider or default super fund to ensure a SuperStream compliant solution is available in time.
The ATO website has a step-by-step SuperStream checklist for employers.
The ATO also maintains the SuperStream Certified Product Register so employers can check the readiness of software and services.
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