Are you prepared for the upcoming deadline of 30 June 2016 for all businesses who make superannuation contributions on behalf of employees (including owners) to be Super Stream compliant?
Under Super Stream, employers must make super contributions by submitting data and payments electronically.
To use Super Stream you need to be able to send the contribution data in a standard format suing one of the following options:
- A payroll system that meets Super Stream standards (Xero and the latest version of MYOB Account Right tick this box).
- Your super fund’s online system
- A super clearing house
- A messaging portal
The ATO offers its own clearing house which has the advantage of same day clearances. Transfers via other methods may have to be made earlier to ensure they have time to clear.
The ATO’s Employer Checklist: A Step By Step Guide provides additional information in relation to Super Stream.
If you need some assistance in becoming Super Stream ready before 30 June, please contact Toni Brunsgard of our office who will be able to assist.