Newsletter; SuperStream implementation & Free Small Business Superannuation Clearing House
SuperStream implementation
By 30 June 2016, small employers must meet the SuperStream requirements (employers must pay superannuation contributions electronically and submit the associated data electronically).
Employers will also need to collect new information (superfund ABN, USI, bank account details and electronic service address). The ATO has released a nine step guide to assist: https://www.ato.gov.au/General/Other-languages/In-detail/Information-in-other-languages/SuperStream-employer-checklist/
To comply with SuperStream, you can use either:
- Accounting software that meets the SuperStream requirements; or
- A superannuation clearing house.
Free Small Business Superannuation Clearing House
The free Small Business Superannuation Clearing House is available to businesses who have less than 20 employees or an aggregated turnover below $2 million.
Instead of paying your employees' super contributions to a number of different funds, you pay your super contributions electronically in one transaction directly to the clearing house (it’s designed to make the payment process easier). You simply register your employees’ super fund details and the contributions go to their various super funds.
