Small employers (19 or fewer employees) must meet the SuperStream standard by 30 June 2016. Larger employers should have been using SuperStream since 31 October 2015.
This standard offers a simpler way of making super contributions and, for many employers, will provide a single channel for making contributions to multiple super funds.
Under SuperStream, you need to pay super contributions for your employees electronically (EFT or BPAY) and send the associated data electronically.
This means you can make all your contributions in a single transaction, even if they’re going to multiple super funds. The clearing house separates the information and the payments to the respective fund and sends it on.
This has given business the ability to comply with their superannuation obligations quickly and easily.
Ways of achieving this
The Government superannuation clearing house has been available for small business (less than 20 employees) and administered by the ATO. It’s not an automatic service and you need to duplicate your data by having all your relevant employee information in the system.
If you are using MYOB they have for many years offered MYOB P-Powered Superannuation which works in conjunction with their payroll.
Xero have Auto Superannuation which does the same process and uses clearing house ClickSuper.
Any queries ring Jaleana at Bookkeeping Fairy Perth on 0400 102 358 to discuss your options.