Superstream Alert April 2016
Your Superstream Obligations
SuperStream represents the streamlining and standardisation of superannuation contributions made by employers. Employers and super funds have been transitioning for some time under this initiative to sending and receiving super contributions electronically (eCommerce) in accordance with a consistent regulated Superannuation Data and Payment Standard (the Standard).
For employers of 20 or more employees, SuperStream transitioning occurred over the 2015 financial year. If you are an employers with 19 or fewer employees you will need to transition to an electronic means of making super contributions and member updates, which comply with the Standard, between by 30 June 2016.
This means, if you haven’t started to make provisions for these changes it is NOW time to act. If you are not already paying super using SuperStream it’s important you get started soon. The next quarterly super payment cycle is due in April and that is a good opportunity for you to start using SuperStream so you can ensure everything is in place by the 30 June 2016 deadline.
If you are a business client using Xero or have an SMSF on Class, you may already find you are compliant.
For all employers, complying with the Superannuation Data and Payment Standard may mean providing your default and/or choice superannuation fund/s with additional information about your employees.
All employers will need to use SuperStream when paying super. This means paying super and sending employee information electronically in a standard format.
You need to ensure your business is SuperStream ready so you have everything is in place by the 30 June 2016 deadline.
Contact us TODAY to discuss:
- Your SuperStream Obligations
- How Ready are you
- How we can help you be SuperStream ready by 1 July