Everyone knows what Superannuation or Super is. We all pay it but how many people know a new measure introduced by the Federal Government to make this more ‘super streamed?’ No prizes for guessing it’s called SuperStream. This is really important news to small businesses and their owners across Australia, so keep reading; it might be the most important article you read all week. The main reason why it was introduced, as its namesake says is to make employer contributions more consistent, timely and efficient. It is now compulsory to use, enabling everything to be put electronically. Everyone from employers, self-managed super funds and APRA-regulated funds must use it.
Superstream will mean:
- employers can make all their contributions in a single transaction, even if they’re going to multiple super funds
- contributions and rollovers can be processed faster, more efficiently and with fewer errors
- people can be more reliably linked to their super, reducing lost accounts and unclaimed monies.
30 June 2016.
Why is this date important for small business owners? If your company employs less than 20 employees then by this date you will now have to move to an electronic means of making super contributions that comply with SuperStream.
To be compliant, consider
- Seeking assistance from a payroll or salary packaging provider.
- Using the government’s free small business clearing house (for employers with 19 or fewer staff, or less than $2 million annual turnover).
- Contact a provider directly.
For more information, feel free to have a session with one of our consultants here at DKM via the phone or even visit us in our office. We are more than happy to be of assistance.