Stay up to date with SuperStream
In case you haven’t heard, you need to be paying and reporting super using SuperStream by 28 October 2016.
If you’ve been using cheque or direct deposit to pay super, you will need to start using SuperStream now. Also, if you’re making payments directly to the super fund by EFT or BPAY, you might need to review your reporting methods to ensure you’re being compliant with the Australian Tax Office (ATO).
Once you’ve gathered all the information you need to process your employees’ super, including:
- Employee tax file number
- Fund ABN
- Fund unique superannuation identifier
You’ll also need to pay close attention to any new information that SuperStream may require. Here are a few points that you’ll need to cover to make an easy transition to SuperStream:
Ensure that your payroll system is SuperStream ready and make note if your system covers both data and payments. If your system provides data only, you will need to transfer payments to each super fund separately.
The super fund’s online system
Larger super funds have online systems that you can use to make your payments. Make sure you check with your fund on what payment facilities they have available.
Super clearing house
A clearing house will transfer payments to your employees’ super funds on your behalf. All you need to do is send a single electronic payment to the clearing house, along with the contribution data for every employee and the clearing house will look after the rest. Speak to your super fund about what clearing house services they have available.
Do you need a hand with SuperStream? The SWAG team can help – get in touch with us today.