In the past paying employee superannuation has been a nightmare to say the least with payments going to multiple superannuation funds each quarter.
The ATO is implementing "superstream" to help make the process a lot more streamlined for employers.
The benefits being:
- one method for making employee contributions to multiple funds
- less time spent on processing
- the correct information and money sent can flow more quickly to the super fund
A deadline of 30 June 2016 has been set for small business with less than 19 employees to be ready for superstream.
This can be achieved by using:
- a payroll software set up with superstream,
- your current superannuation fund,
- or a clearing house (The ATO does have a small business clearing house but you will need to be vigilant in paying all employee super by the 28th each quarter)
If you need further information, please do not hesitate to contact our office or take a look at the following checklist from the ATO.