A reminder for all employers to be ready for the Government’s SuperStream initiative by 30 June 2016.
Under SuperStream, employers will be required to make super contributions on behalf of employees by submitting data and payments electronically in a single transaction.
Related party employers are exempt from using the SuperStream process if they are contributing transactions to a related party Self Managed Superannuation Fund (SMSF). These transactions can be made using the existing process.
You can Get Ready for SuperStream by:
1. If you are using software to process your payroll check to see if it conforms to SuperStream.
2. If you do not use software to process your payroll, some options may be:
a. Outsource your payroll function
b. Use a commercial clearing house
c. Use the free Small Business Clearing House (if you are a small employer).
3. Collect the following information from your employees in relation to their superannuation fund:
a. For APRA-regulated funds, a unique superannuation identifier (USI)
b. For SMSF’s, their Australian Business Number (ABN)
c. Bank account details for receipt of contributions
d. Electronic service address