Just a reminder that if you’re a small business employing 19 or fewer employees, you need to be using SuperStream no later than 30 June 2016.
The good news is that you should find it quicker and easier as you just have to make one electronic transaction to cover all your employees’ super contributions. Employers are reporting that SuperStream has reduced the time that they spend on super, each cycle, by an average of about 70% or 1.5 hours and has collectively saved small businesses up to $50 million per year.
The ATO (Australian Taxation Office) has been very active in communicating the rollout via email in recent weeks and is also hosting dedicated SuperStream online information sessions. They have more scheduled over the next few weeks.
The ATO step-by-step checklist to help employers prepare can be found at https://www.ato.gov.au/super/superstream/.
Clients can also contact the team here at Taggart & Partners on 07 3391 1188 and we’ll be happy to assist where we can.