Are you an Employer?
More than 60% of all Australia’s small businesses are already on board with SuperStream, but if your business is not one of them, then you’ve got less than 100 days remaining to get it done.
All employers need to use SuperStream when paying Super. If you are not already paying Super using SuperStream it’s important that you get started soon.
What is Superstream?
SuperStream is a government reform to improve the efficiency of the superannuation system. Under SuperStream, all superannuation transactions will be sent electronically.
Employers will be required to send super contributions on behalf of their employees by submitting data and payments electronically.
All superannuation funds, including SMSFs, must be able to receive contributions sent electronically. Additionally, APRA regulated funds are required to receive rollovers electronically in accordance with SuperStream.
There are a number of options that an Employer choose to implement SuperStream;
- your super fund’s online system
- a clearing house
- a payroll system that is SuperStream ready
- a messaging portal
To learn more about Superstream, please visit the ATO website https://www.ato.gov.au/Super/SuperStream/ or contact your Chan & Naylor Client Manager.
Disclaimer: This article contains general information. Before you make any financial or investment decision you should seek professional advice to take into account your individual objectives, financial situation and individual needs.