SuperStream - Are You Ready - Gladstone Accounting and Taxation

SuperStream – Are You Ready

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SuperStream is the new way of making super contributions. Under SuperStream, employers must send super contributions electronically in a standard format, with linked data and payments. This system becomes mandatory for small employers (those with 19 or fewer employees) on 30 June 2016. Businesses with 20 or more employees should already be using SuperStream.

So how do you make the change and ensure your system is running smoothly before the deadline?

1) Choose an option

You need to choose your SuperStream option. That may be your payroll software, your super fund’s online payment system, or a clearing house such as the ATO’s Small Business Superannuation Clearing House.

2) Collect employee information

Collect the necessary employee identification data – being your employees’ TFNs and their funds’ unique super identifiers (USIs). Your employees can find their fund’s USI on their super statement or by calling their fund. You can also find these details using the ATO’s Super Fund Lookup website.

3) Start using SuperStream

Start using SuperStream as soon as possible. That way, you have time to check that things are running smoothly before the 30 June deadline.

If you aren’t sure how to prepare for SuperStream please feel free to contact Jodie, in our office.

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