Are you SuperStream Ready?
The final stage of the ATO administered SuperStream commences 1 July 2016. SuperStream will affect ALL small businesses that employ regardless of their size. Please read on to make sure you are ready.
What is SuperStream?
The purpose of SuperStream is to deliver Australian businesses with a fully digital process used to meet their superannuation obligations. It will remove risk of error, reducing long processing times and unnecessary member fees.
Every employer needs to be across SuperStream to ensure they are meeting their superannuation obligations from 1 July 2016. There will be no other alternative.
What do you need to do?
Under this new regulation, businesses must make all super contributions electronically in a standardised ATO accepted format. Paper based businesses or business using non cloud based accounting software, may need to consider a switch to cloud based software or take advantage of the ATO clearing house services if you have less that 19 staff.
Those businesses currently using cloud based accounting software, such as Xero can most likely access a software update offered by the supplier. For an example of how cloud based accounting software handles super contributions, watch this video.
How will this benefit your business?
SuperStream will improve productivity of the superannuation system, reduce the administration time processing of employer contributions and ensure an error free approach is maximized.
Peer Wealth has been assisting business in this area since the initial SuperStream commencement. If you wish to discuss your options, please contact our office.