With just three weeks until small businesses must become SuperStream compliant, the Australian Tax Office (ATO) has urged those yet to implement the new standard to act now.
From 1 July, it will be mandatory for employers with 19 or fewer staff to send all super payments and employee information electronically in a standard format using SuperStream.
According to the ATO, more than 65% of Australia’s small businesses are already SuperStream compliant, with many reporting that it has reduced the time spent on super processing by around 70% each cycle.
Expert available to help
The ATO’s deputy commissioner, James O’Halloran advised small businesses that completing the SuperStream set-up and using it prior to the 30 June deadline is very doable and the process needs to start now.
“The super industry is ready to help, so initiate contact and open the conversation with a SuperStream expert,” said O’Halloran.
“Accountants and bookkeepers can provide this expert SuperStream advice. Support is also available from your super fund, payroll system provider, messaging portal provider or by contacting your super clearing house. You don’t have to work it out alone.”
O’Halloran said that small businesses that don’t operate electronically, or that only pay super to a few employee, need not worry: there is a SuperStream solution to suit every organisation.
“Options include using a payroll system that meets the standard, a super fund’s online system, a messaging portal or a super clearing house like the ATO’s Small Business Super Clearing House (SBSCH),” he said.
“The SBSCH is a free, optional service for small business with 19 or fewer employees, as well as businesses with an annual aggregated turnover of $2 million or less.
“Set-up is a one off task, and once done, using SuperStream for each payment cycle is simple.”
SuperStream is the new electronic payment standard for the entire superannuation industry. It provides a consistent, simplified way for employers to make super contributions on behalf of their employees.
SuperStream is helping make the ‘back office’ operation of super funds more efficient. It affects business to business interactions from payroll and payment processing to member administration and work flow systems.
For more information about SuperStream, visit the ATO website.