What You Need to Know About the SuperStream Update – Accountants Bacchus Marsh
What is Superstream? It is a Government reform developed to improve the efficiency of the superannuation system, as well as make it easier and user-friendly for employers. At MAS Tax Accountants Bacchus Marsh, we can assist Small Businesses with their Superstream set-up and compliance. Ensure that everything is running smoothly by the October 31st 2016 deadline, and be in the know with our SuperStream Update – Accountants Bacchus Marsh
Through Superstream, employers must take super contributions to their employees by submitting payments electronically.
It must be used by:
- Employers
- Self-Managed Super Funds
- APRA-regulated funds.
When an employer transfers the money and information via the SuperStream system, the data becomes linked to the payment using a unique reference number. This means that employers can make all their contributions in a single transaction, even if they’re going to multiple super funds. This can assist employers to improve the overall process, by making things faster and eliminating potential administration errors. It can also create a more reliably link with employees’ super, which can reduce the likelihood of lost accounts and unclaimed funds.
A key element of SuperStream that will affect you as an employer, are the requirements for electronic contributions, which is also known as the Data and Payment Standard. It mainly requires employers to send employers send data electronically in a standard message format, as well as make payments electronically. This will have a unique reference number, as mentioned above, as well as respond to fund requests for complete information within 10 business days.
There is a deadlines in place for Small Business Owners to make the switch and be using SuperStream – which is October 31st 2016. Large companies have been using and finding success with the SuperStream system since July 1st 2014. The deadline has been extended for smaller businesses, who must have to do it no later than 31st of October of this year.
There a few ways of doing so, a payroll system or an accounting software, such as MYOB or XERO. The good news is your Accountant can do it for you as well.
If you have any enquiries with regard to your SuperStream set-up, accounting or compliance, please do not hesitate to contact us at Mas Tax Accountant Bacchus Marsh.
Please contact us below or call us on 0488 093 518
Sources:
Australian Taxation Office. (2016). Superstream. ATO website. Retrieved from: https://www.ato.gov.au/Super/SuperStream/
