SuperStream is making super contributions simple. It changes the way you pay super for your employees. Before SuperStream, it was common to hear from employers about how difficult and time consuming to make multiple super contributions to multiple super funds in multiple ways. For a lot of employers, paying super took hours. SuperStream standardises this.
SuperStream is about linking electronic payments and reporting. Under SuperStream employers are able to pay super to multiple super funds in one transaction. This should reduce the time it takes to pay super to minutes and reduce payment processing costs.
From 1 July 2015, Small employers (with 19 or fewer employees) will start making contributions using SuperStream and you need ensure you are SuperStream compliant by 1 July 2016,
Getting ready
There are 2 simple steps we have outlined below:
Step 1: Assess options
Step 2: Collect new information
STEP 1:
A) Using the Small Business Super Clearing House
The Small Business Superannuation Clearing House is a free online super payments service that helps small businesses. From 1 July 2015, the clearing house service is available to businesses with an aggregated turnover below $2 million.
This means you can use the Clearing House if your business has:
- 19 or fewer employees and
- an annual aggregated turnover below $2 million
B) Xero Clients
If you have subscribed to Xero, you can use Xero auto super function to pay super. If you wish to set this up, please contact us.
C) Other Accounting Software
If you are using other accounting software such as MYOB, you need to contact your software provider to check if they are SuperStream ready, or contact us for further assistance.
STEP 2: Collect new information
There is a minimum set of data you need to collect for new and existing employees, including:
- Employees’ full name
- Tax File Number (TFN)
- Date of birth
- Residential address details
- Contact number
- Superfund’s ABN
- Unique superannuation identifier (USI)
- Bank account details for Employees’ SMSF (if applicable)
- Electronic service address for Employees’ SMSF (if applicable)
For existing employees where you are paying into an APRA regulated fund, the main information you need is the fund’s name and their USI.
For employees where they have a self-managed super fund (SMSF), you will need to know the SMSF’ ABN, bank account details and Electronic Service Address. (Please contact us if you need setup an ESA).
Once you have obtained all the information, you can start to make your first SuperStream contribution.
If you have any queries about your taxes, business finances or wealth management – please get in touch with the team here at Fortis Accounting Partners. You can reach us on 02 9267 0108, or via info@exemplary-financial.flywheelsites.com.
