SUPERSTREAM COMMENCES FROM 30 JUNE 2016
From 30 June 2016, all employers with employees less than 20 will be required to pay employees’ superannuation contributions using SuperStream.
Until now, making super payments for employees has often meant lots of payments to different funds in different ways, taking several hours to complete.
With SuperStream, super payments are electronic, and you can pay all your employees’ super and send their information through one channel, saving you time and effort. Payments to Self-Managed Super funds are not required to use SuperStream if the employees and members are one in the same.
To get started, you need to choose an option to make super contributions electronically. These include: your payroll system, you super fund’s online system or a super clearing house. The ATO offers a free super clearing system for small employees. Just go to the ATO website to register and remember this must be done by 30 June 2016.
To learn more about getting ready for SuperStream, go to www.ato.gov.au/superstreamchecklist