Small businesses: SuperStream ready yet after 30 June deadline?
Are you ready for SuperStream?
From the 1st of July all employers in Australia must comply with the SuperStream data standards, that’s the message from Treasury, but we have some good news for micro businesses…
The ATO has said in a recent media release, that there will be flexibility meeting SuperStream standards for micro businesses until 28 October 2016 to get it right. The ATO understands some businesses are still struggling with SuperStream. There are still approximately 28% of employers in Australia with 19 or less employees who are yet to move over to the SuperStream standards.
Businesses with 20 or more employees should now be SuperStream compliant, and from 1 July 2016, employers with 19 or less will be required to meet the data standards.
Mr O’Halloran, from the ATO said many businesses that have taken the time to find a SuperStream solution and have it up and running are experiencing the benefits, including an average time saving of 70 per cent in meeting their superannuation obligations.
– ATO Media Release (QC 49407)
Businesses have many options in meeting their super obligations, including using a payroll system. The right software is the most important step you can take toward becoming SuperStream compliant. At Reckon we have built our software to be SuperStream compliant. Reckon One, our flagship product now has full integration with NAB to meet the requirements of SuperStream contributions using our preferred solution NAB Super Pay.
We also have provided SuperStream tools and compliance with our products, including Reckon Accounts and Payroll Premier, to pay the contributions to super fund’s online system. The Small Business Super Clearing House (SBSCH) is a free optional service for small business with 19 or fewer employees, as well as businesses with an annual aggregated turnover of $2 million or less.
Change can be very intimidating. Even if your software is completely compliant there is always room for errors or nervousness on the part of clients.
To help you along the path, we have many SuperStream webinars for you to attend. Register today
What is SuperStream?
SuperStream is the name of the Government legislation requiring businesses to make superannuation contributions for their employees electronically. The electronic payment system for superannuation contributions replaces cheques, letters, emails and forms, which had to be sent to each fund separately. SuperStream aims to simplify and increase the efficiency by which superannuation contributions are made.
Where can I found more information about the SuperStream changes?
Under SuperStream you must send payment and contribution data electronically correctly. To found out more information from the ATO on SuperStream visit their website here.
Need SuperStream compliant payroll software? Reckon One’s payroll module allows you to produce SAFF files to meet SuperStream compliance for $3 per month. Lodge SuperStream compliant file automatically via NAB Super Pay for $5 per month. Click here to find out more.
This post is intended to provide general guidance only, you should seek out professional advice for your specific circumstances.