The Superstream Deadline and What it Means for Small Business
Superstream is a national, electronic superannuation payments system that replaces a number of other payment options that were available around Australia. With one consolidated solution for all employers, the ATO hopes to streamline superannuation payments and ensure that all employees get their entitlements as required by law.
While large employers were required to get on board by 31 October 2015, small and medium businesses were given until 30 June 2016 – which means that for many of you, the deadline is fast approaching!
On the bright side, the system is designed to make life easier for employers, too. You can make all of your superannuation payments – even if they’re to different super funds – in one fast transaction.
Does your payroll software support Superstream?
If your business uses payroll software, check that it is Superstream-compliant. You might need to upgrade to a newer version of the software. If your software handles payments as well as generating data regarding the payments to be made, then you can make payments through the software – otherwise you’ll need to manually make payments electronically to each fund.
Manual payment options
If your business doesn’t use payroll software, or you still need to make manual payments, then you have other options:
- Make superannuation payments online via the fund’s website. Most large super funds make this option available.
- Use a superannuation clearing house. This allows you to send payment data and a single payment to the clearing house, which will then split up the payment into the different funds and accounts required. The ATO offers a free Small Business Super Clearing House for businesses with fewer than 20 employees or turnover under $2 million/year.
- Use a messaging portal. This is similar to a clearing house, but is often used for self-managed superannuation funds.
For more information, check out the ATO’s guide for employers, and contact us to get further advice on your circumstances and requirements.