Superstream will become mandatory by 30 June 2016, and employers are being advised to get it ready before the deadline.
You need a little time to set it up, but more than a quarter of business owners who have transitioned to Superstream have seen the time they spend on super decline, by 70% on average. That is equal to about 1.5 hours every cycle! If you have yet to make the change, here are the options to get Superstream ready:
- Change your existing payroll system to a higher version
- Utilise the online system of your superfund
- Utilise a messaging portal
- Utilise a clearing house (such as the free Small business superannuation clearing house provided by the ATO if less than 20 employees)
Your accountant or bookkeeper can also help guide you through the process.
Collecting your workers’ TFNs and their funds’ unique super identities (USIs) is an integral part of preparing for Superstream. The information can be inputted in your system before 28 January, the next quarterly due date. Use the time to make sure things are running without a hitch.
Here’s the ATO’s Employer Checklist to guide you on the process step by step.
PJS Accountants offer expertise in SMSF. We assist clients in setting up SMSF and we guide them in the right direction relating to matters such as contributions and rollovers, pay benefits, investing, winding up, and subsequent management and reporting to ascertain compliance. For enquiries, contact PJS Accountants.