If you are still paying your employees’ super contributions by cheque, EFT or BPAY directly to funds then it’s likely you aren’t compliant with the new, compulsory standard for paying super. From 28 October all small businesses must pay their employees’ super the SuperStream way.
Under SuperStream, your employees’ superannuation contributions must be paid and information provided electronically, ensuring payments can be tracked and are making it to the right place.
More than 500,000 small businesses are already paying their contributions using SuperStream, and are seeing real benefits, including less time and a more streamlined and efficient process. Here are a couple of testimonies from small-business owners:
For employers that pay super to multiple funds, SuperStream simplifies the process by allowing you to pay and report all your contributions in one transaction, with the super contributions being automatically transferred to each of your employees’ individual super funds.
Super contributions made under SuperStream are processed more quickly and efficiently, meaning the money reaches your employee’s account sooner. There’s less room for error meaning fewer rejected super contributions to deal with.
How do I become SuperStream compliant?
If you pay your employees’ super via your default super fund’s online portal or via a clearing house, chances are you’re already compliant. Most payroll software is also set up for SuperStream, but you’ll need to check the version you are using is compliant. The ATO has a handy site to help you find out: www.softwaredevelopers.ato.gov.au/SuperStream-certifiedproductregister.
If you use an accountant or bookkeeper for your super obligations, it’s also likely you are compliant but you should speak with them to confirm.
If you are still paying via cheque or another manual method, you need to switch to a SuperStream solution now in order to avoid missing the compliance deadline. If you are making payments directly into super fund accounts by EFT or BPAY you may not yet be SuperStream compliant and you should speak to your super fund to find out if you need to do more.
How do I start paying with SuperStream?
Getting set up is a one-off task and allows all future super payment cycles to be completed in one transaction.
If you aren’t sure how to become compliant, follow these simple steps:
Step 1: Choose an option:
Step 2: Collect required information and update your payroll records
Step 3: Start using SuperStream
Help is at hand
We are committed to help you understand your circumstances and find ways to assist you to become SuperStream compliant.
If you aren’t sure what option is best for you, the ATO has developed a decision tree – www.ato.gov.au/uploadedFiles/Content/SPR/downloads/Superstream_Decision_tree.pdf – to help. Or you can use the ATO’s employer checklist to get started.
The initial set up for SuperStream may take some time, but once implemented, your payment process will be more streamlined and simple if you pay to multiple funds.
James O’Halloran, Deputy Commissioner, ATO