It's now time for employers with 19 or fewer employees to get SuperStream ready.
Until recently, employers had to make multiple super contributions to multiple funds, often using cheque and electronic methods, for their employees. Employers need now make just one electronic transaction covering all employees.
When does SuperStream start?
For small employers, SuperStream is compulsory from 1 July 2016. If you are not already using SuperStream we encourage you to set up a SuperStream solution by 30 April 2016 – this means you’ll have a few pay cycles to check everything is working and take advantage of the benefits sooner.
How do you make SuperStream contributions?
There are several ways to make the change and Bosco can help you choose the solution that best suits your business needs.
You can use:
• Your current payroll software (provided it is SuperStream ready)
• Your superfund’s electronic payment system; for example their online portal/clearing house
• A superannuation clearing house like the ATO’s free Small Business Superannuation Clearing House
What do you need to do?
1. Decide which SuperStream solution best fits your business needs.
2. Collect information you will need to enable contributions to be sent to superfunds using SuperStream, including the:
• Australian Business Number (ABN) of your employees superfunds
• Unique superannuation identifier (USI) of your employees superfunds (payroll software and most clearing houses will often have this number available)
• Superfund membership number of each of your employees and their date of birth
3. For employees with Self Managed Super Funds (SMSF) you will need the:
• SMSF bank account details and SMSF electronic service address. We suggest that you request these details be provided within a reasonable time (eg. 28 days). If you do not receive the SMSF’s details within the nominated time you may ask the employee to complete a standard choice form and if this is not returned within 28 days your employee is deemed as not having provided sufficient details and you may redirect their contributions to the employer default fund.
Need help to make the changes?
You don’t need to prepare for SuperStream alone – call Bosco on 4421 6500 and we can partner with your business to help ensure you are SuperStream ready.