“While it may take a little time to set up, we’re hearing that SuperStream is reducing the time employers spend on super by around 70% – or 1.5 hours – each cycle, on average. And you may save money too, with small businesses who have implemented SuperStream so far collectively saving up to $50 million per year.”
“With only two quarters left until SuperStream becomes mandatory, now is a good time for employers to adopt SuperStream and familiarise themselves with it before the deadline.”
“For some businesses, December and January are quieter periods, so now is a great opportunity to check that your SuperStream option is ready, whether that be your payroll software, your super fund’s online payment system, or a clearing house, like the ATO’s Small Business Superannuation Clearing House. You can also ask your accountant or bookkeeper for help.”
“Importantly, you should collect the necessary employee identification data – being your employees’ TFNs and their funds’ unique super identifiers (USIs) – and enter it into your system ahead of the next quarterly due date on 28 January. That way, you have time to check that things are running smoothly before the deadline.”
The new data standard for transferring contributions data will also benefit employees, Mr Hind said.
“As a result of SuperStream, funds are holding more accurate and complete information about their members’ superannuation, enabling better tracking of superannuation by individuals. In the longer term, this will translate to less lost super and better assurance for retirement incomes.”
Small employers, those with 19 or fewer employees, were meant to start using the new system from 1 July 2015 and be fully compliant by 30 June 2016.
Want to be kept up-to-date with SMSF and Superannuation changes, why not subscribe to our Newsletter?
This article, as with all content on this site, is for informational purposes only, and is not legal, financial, tax or other advice. Please read our Terms and Conditions of Use.